Audit Data Analytics
The AICPA’s Assurance Services Executive Committee's (ASEC's) Emerging Assurance Technologies Task Force, has worked primarily on three projects related to audit analytics, data standardization, and continuous assurance: 1) creating audit data standards, 2) developing an Audit Data Analytics guide and 3) developing implementation guidance and thought leadership pieces. The AICPA also co-sponsors the Rutgers AICPA Data Analytics Research Initiative (RADAR).
Audit Data Standards
Learn more about these voluntary IT audit data standards and obtain a copy.
Audit Data Analytics Guide
Learn more about the AICPA's new Guide to Audit Data Analytics.
Learn more about the Rutgers AICPA Data Analytics Research Initiative.
ASEC Emerging Assurance Technologies Task Force - Objectives
The ASEC Emerging Assurance Technologies Task Force is responsible for developing a conceptual framework and guidance to capitalize on emerging technologies affecting the business information supply chain, covering both internal and external reporting, including:
- Data access (creating Audit Data Standards) and
- Data analysis (developing a framework that maps audit objectives to innovative, automated data analytic procedures)
- Continuous Assurance and continuous control monitoring
Audit Data Standards and the Financial Statement Audit
Learn more about the AICPA’s Audit Data Standards and how they facilitate the use of Audit Data Analytics. This micro-learning series discusses some of the projects going on in the area of Audit Data Analytics and introduces an example of how to apply the Audit Data Standards format to a data set.
The ASEC's Emerging Assurance Technologies Task Force has developed the Audit Data Analytics to Traditional Procedures Mapping document to illustrate how data analytics can be used to automate audit procedures that are traditionally performed manually. Access a copy of this resource on the Audit Data Analytics guide webpage.
The AICPA has developed a new guide entitled "Guide to Audit Data Analytics." This new guide illustrates how audit data analytic techniques can be applied to the financial statement audit. To learn more about this new guide please visit the guide webpage. Please read the press release here.
Helpful Links and Additional Resources
Find out what auditors in Canada are saying about their experiences in applying data analytics to their financial statement audits in CPA Canada's An inside look at how auditors in Canada are using data analytics.
Learn more about audit data analytics and how to engage in productive dialogue with your clients to promote increased use of data analytics into the audits of financial statements. CPA Canada's Audit data analytics alert: Talking to your audit clients about data analytics.
Learn more about audit data analytics and how you can work with your auditors to promote more frequent and effective use of data analytics in your organization's financial statement audit. CPA Canada's Audit client briefing: Why CFOs should support the use of audit data analytics.
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.
Dorothy McQuilken, Senior Manager, Audit Data Analytics and ERM