If your firm hasn’t started using audit data analytics yet, it’s time to get on board. Audit data analytics (ADAs) are a technique that can help you leverage current technologies and move toward a more data-driven approach to planning or performing an audit.
How? ADAs help you discover and analyze patterns, identify anomalies and extract other useful information from audit data through analysis, modeling and visualization. You can use ADAs to perform a variety of procedures to gather audit evidence.
What that means for you: You can focus more of your time and energy on analyzing your data, understand more of what’s happening at your client’s organization and often analyze an entire population of data instead of just a sample.
Getting started with new techniques and technologies can be overwhelming, especially if you’re comfortable with your traditional method—and you may have concerns about using ADAs while complying with audit standards. However, we have a few resources and tips to show how you can comply with the standards while performing your audits with ADAs. Get started with these five steps.