Audit Data Analytics Guide:
The AICPA has published a new guide entitled, "Guide to Audit Data Analytics."
This guide is intended to encourage auditors to voluntarily make more use of technology-based audit data analytics. The use of ADAs has the potential to:
- Enhance traditional audit procedures
- Contribute to every phase of the audit
- Offer a new way of visualizing and analyzing results
The guide includes various illustrative examples detailing how ADAs can be used throughout the financial statement audit.
- Read the press release discussing this new guide: Audit Data Analytics (ADAs) Can Transform Audits; New AICPA Guide Will Help Auditors Apply ADA Techniques
- Review the fact sheet to learn more: Guide to Audit Data Analytics
Audit Data Analytics Mapping Document:
ASEC’s Emerging Assurance Technologies Task Force established the Audit Data Analytics working group, which focuses on what to do with standardized data once it is received. This working group is current exploring how to map the current audit objectives within the auditing standards to the realm of possible procedures that can be done with standardized data.
To learn more about the Rutgers AICPA Data Analytics Research Initiative please visit the initiative website here.
Learn more about how auditors, external and internal, are using technology in FEI's, Data Analytics and Financial Compliance, research report.
Learn more about how audit analytics are being used in innovative ways by reading AICPA Insights newest blog, How to Clean Your Data and Make it Look Slick.
Learn more about audit data analytics and the drivers, opportunities and hurdles to overcome in integrating more extensive use of data analytics into the audit of financial statements in CPA Canada’s Audit Data Analytics Alert – Keeping up with the Pace of Change.