Introduction to Audit Data Analytics

Overview:

In this E-Learning course, we will examine how auditors traditionally see and use data analytics, including summary statistics such as averages, means, and standard deviation.  However, data analytics are much more than summary statistics. The goal of this course is to help auditors move into a data analytics mindset.

We will introduce audit data analytics (ADA), including a walkthrough of these data visualization techniques using custom programmed data analytics software. The benefits of ADA can be realized in all audit process phases and for clients of all sizes. We will also discuss how the use of data analytics is being integrated into the Canadian Auditing Standards (CAS), such as the revised Canadian Audit Standards 315: Identifying and Assessing the Risks of Material Misstatement.

Course Content:

In this course you will gain knowledge about the following topics:

·       An introduction to audit data analytics (ADA)

·       ADA and the Canadian Auditing Standards

·       ADA Walkthrough

·       Interview with a data scientist

·       Benefits and challenges of ADA

·       The data analytics mindset and SMART action steps

Learning Objectives:

Upon completing this course, you should be able to:

·       Understand the definition of data analytics

·       Identify the benefits and challenges of using data analytics on an audit

·       Understand how to apply data analytics in different phases of the audit

·       Understand the changes to the Canadian Audit Standards (CAS) that provides guidance to auditors on how and when to use audit data analytics

Who Will Benefit: 

This E-Learning course will benefit audit and assurance professionals looking to understand how to effectively use data analytics on their audits.