Introduction to Audit Data Analytics (Completed)

Date: Monday, June 24, 2024
Instructor: Garth Sheriff
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  2 hours for CPAs

This webinar will examine how auditors traditionally use analytic procedures such as means, modes, and variance analysis. Collectively these traditional techniques are referred to as summary statistics. However, audit data analytics are much more than summary statistics. We will define and explore the term "audit data analytics" or ADAs. We will then walkthrough ADAs' application, including data visualization techniques using custom programmed software. The application of the ADAs has the potential to be a transformative change to how auditors perform testing. The change is analogous to Major League Baseball's journey to embracing data analytics to help make decisions captured in the book and film Moneyball. This webinar aims to help auditors move into a data analytics mindset to unlock the opportunities of integrating ADAs into an audit engagement. We will also discuss how the use of data analytics is being integrated into the identifying and assessing the risks of material misstatement.

Who Should Attend
Introduction to Audit Data Analytics

Topics Covered

  • What are data analytics?
  • Summary statistics vs. data visualization
  • Data analytics software walkthrough
  • Benefits and challenges to using data analytics
  • Data analytics and risk identification and assessment

Learning Objectives

  • Defining audit data analytics (ADA)
  • Guiding the profession into the audit data analytic mindset
  • Applying ADAs, including data visualization, through a customized software walkthrough
  • Exploring the future of ADAs for the audit profession
  • Identifying the benefits and challenges of using ADAs

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (1 hour), Information Technology (1 hour)

Program Prerequisites
None

Advance Preparation
None

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