country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Auditing And Assurance Role Of Data Analytics

tag 0 Download4 Pages 901 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss about the Auditing and Assurance Role of Data Analytics.
 
 

Answer:

Reflection

The topic of the group assignment study is about the role of data analytics in the audit process. The group study identifies the application of the data analytics in the audit. As per the overall group study of the students regarding the role of data analytics in audit practices and principles develops my strong conceptual understanding in the field of audit practices. Every student deeply researches the concept of the big analytics in a detailed manner, which helps me to understand the meaning of data analytics in detail. For e.g. one of the students explains the meaning of data analytics it indicates that big data is a science which helps to identify the information or data from the sources and it presents, extracts or compiles the useful or related audit information in a systematic manner. From this concept of student, I learned that how big data analytics is helpful in audit planning systematically. Similarly, one of the student mentions that data analytics easily manipulated the large and complex data through visualization like graphs and correlations.

This content helps me to increase my knowledge deeply to understand the importance of data analytics in audit practices. This research and group study on audit practices and data analytics from the various academic and non-academic sources I identified that today’s modern business institutions used the Audit Data Analytics (CAAT) strategy to reduce the errors and complexities in the financial information. Moreover, I also used the primary sources, like I have taken interview of some of the financial executives of the multinational firm regarding ADA strategy, it revealed that Audit Data Analytics helps executives to consider the important information which is useful for auditing, compare the internal and external information and shows the different trends according to their impact. This information helps me to enhance the level of understanding and knowledge about the role of ADA in auditing.

Moreover, this study develops the practical understanding in the areas of audit and financial information. On the other side, my colleagues supported me a lot in the difficult areas of the subject. This study depicts that ADA improves the quality of auditing and practices. It helps auditor to detect fraud, risks and manage complex data significantly. Through this study, I am able to apply the concepts and techniques of data analytics in the financial statements. But in some area, I found that this study is not helpful to generate my practical understanding of the topic. With the help of this study, I can manage the financial tasks and data in my current work. Furthermore, it also helps significantly in my future if I select for the auditor profile. As per my overall group study experience, It strongly develops my conceptual and theoretical understanding in the areas of audit data analytics and it is helpful for the auditor to take effective decisions. Besides this, study is more effective if should focus more on the practical aspects of the topic rather than theoretical, that helps to enhance the understanding of the topic more effectively.

 

Research Issue 

It has been identified from the above research study of the data analytics and audit functioning it is indicated that the audit standards helps the auditors to reduce the complexities and errors in the auditing and with the help of the ADA auditor easily retrieve store update and modified the data according to the needs of the auditor. As per the overall research study of the data analytics, it is considered that the complexity in financial statements and quality of the audit is important for the auditor to take strategic decisions in the company (Bisman, 2011). The quality and complexity of information is the main issue for the auditors that requires for the auditors to use data analytics in the audit practices. With the help of this research study by the group, it is identified that Audit Data Analytics helps the auditors and enhance the quality of audit practices due to use of advanced data analytics software. Data analytics has the potential to convert external auditing just it has changed internal auditing.

Moreover, from this research, ADA helps to test the complete sets of data rather than just test only samples. It is also identified from the research that data analytics is the combined with traditional techniques, will give a better understanding to their clients. Advanced data analytics gives the new insights to the audit practices and their outcomes. Audit Data Analytics methods can be used in audit planning and procedures to identify and assess the risk by analyzing data to identify trends, correlations and fluctuations from models (Simplilearn, 2017). Existing auditing standards are the framework for audit procedures need to be modified to incorporate the concepts of Big Data and it encourages auditors to use latest technologies that increase assurance beyond the minimum required levels. Besides this, it is also found that the existing audit traditional standards have the clauses that simple mention the detail about the clause of Data Analytics in US GAAP but not followed properly.

 

References

Bisman, J. (2011) Engaged pedagogy: a study of the use of reflective journals in accounting education. Assessment & Evaluation in Higher Education, 36, p.p. 315-330

Simplilearn (2017) Data Science vs. Big Data vs. Data Analytics. [Online].Accessed by: https://www.simplilearn.com/data-science-vs-big-data-vs-data-analytics-article (Available at: 27th April 2017)

OR

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Auditing And Assurance Role Of Data Analytics. Retrieved from https://myassignmenthelp.com/free-samples/auditing-and-assurance-role-of-data-analytics.

"Auditing And Assurance Role Of Data Analytics." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/auditing-and-assurance-role-of-data-analytics.

My Assignment Help (2018) Auditing And Assurance Role Of Data Analytics [Online]. Available from: https://myassignmenthelp.com/free-samples/auditing-and-assurance-role-of-data-analytics
[Accessed 08 April 2020].

My Assignment Help. 'Auditing And Assurance Role Of Data Analytics' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/auditing-and-assurance-role-of-data-analytics> accessed 08 April 2020.

My Assignment Help. Auditing And Assurance Role Of Data Analytics [Internet]. My Assignment Help. 2018 [cited 08 April 2020]. Available from: https://myassignmenthelp.com/free-samples/auditing-and-assurance-role-of-data-analytics.


With time, MyAssignmenthelp.com has become one of the best college essay writing services. Our all rounded services give students the confidence to overcome assignment related issues. Our services are fast enough to meet most urgent deadlines. We are capable of delivering fast essay writing services with the help of our specially designed provisions and writers' teams. Our urgent essay help services guarantee most rapid delivery of assignment solutions. Some of our most popular essay services are application essay help, exploratory essay help, literary review essay help and argumentative essay help.

Latest Audit Samples

HI6026 Audit Assurance And Compliance 21

Download : 0 | Pages : 15

Answer: Introduction The definition of auditing can be given as the on-site verification activities, such as to inspect, examine or verify, of certain processes or quality system related to accouts and finance, with the aim to ensure the needed compliance (Eilifsen et al. 2013). For this reason, it is needed for the auditors to perform the needed audit procedures for gaining the needed audit evidences. While performing the audit ope...

Read More arrow

ACC300 Auditing And Ethical Principle

Download : 0 | Pages : 3

Answers: Introduction  The principle of objectivity says that members should avoid any forms of conflicts of interest or bias that will affect their judgements.  Alfred Jarmon has created a self-review threat by providing additional  services not related to audit. The reason is these additional services may have a significant effect on the business financial statements that he will audit. Therefore, his independence has been th...

Read More arrow

ACC707 Auditing And Assurance Services Individual

Download : 0 | Pages : 12

Answer: Introduction  Audit assertions are the explicit or implicit representation or claims made by management who are responsible for preparation of the financial statement for appropriateness of various elements from the financial statements as well as the disclosures. While preparing the financial statements, management makes various explicit or implicit claims those are known as assertions regarding the presentation, measurement and...

Read More arrow

HI6026 Audit Assurance And Compliance 20

Download : 0 | Pages : 14

Answer: Introduction After applying the applicable sub-standards of audit for concluding their performance on uncertainty in getting the assurance. It was analyse that the major stakeholders are open to risk. This includes the auditor as well. The base of the report is stakeholder analysis. The report provides the evaluation of the impact as the material misstatement is not identified. In the second part of the report concepts of APES 110 is ...

Read More arrow

ACC707 Auditing And Assurance 7

Download : 0 | Pages : 11

Answer: Introduction  Material misstatement risk is the risk that financial statement of the organization had been misstated to the material level. The risk of material misstatement is analysed by the auditors at 2 levels – assertion level and financial statement level. Risk at the assertion level is segregated into control risk and inherent risk. Inherent risk is the risk that the susceptibility of assertion to misstatement owing ...

Read More arrow
Next
watch

Save Time & improve Grades

Just share your requirements and get customized solutions on time.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,247,995

Orders

4.9/5

Overall Rating

5,068

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

755 Order Completed

95% Response Time

Douglas Cowley

Masters in Finance with Specialization in Audit

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

610 Order Completed

100% Response Time

Cheryl Zhao

PhD in Statistics

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1896 Order Completed

95% Response Time

Herman Berens

MSc in Psychology

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

798 Order Completed

97% Response Time

Benjamin Blakeman

MSc in Medical Technology

London, United Kingdom

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Good work. it was on topic base, understandable and relevant. Help me to achieve great mark. Really appreciate.

flag

User Id: 78040 - 08 Apr 2020

Australia

student rating student rating student rating student rating student rating

got assignment completed on time. I had lot of important information and up to the point.

flag

User Id: 299002 - 08 Apr 2020

Australia

student rating student rating student rating student rating student rating

I was so excited to share my experience. I had Peter help me with assignment. He did and exceptional job that I couldn\'t believe it. I got an A+ PERFECT SCORE! ALL i can say is WOW! THANK YOU.

flag

User Id: 307193 - 08 Apr 2020

Australia

student rating student rating student rating student rating student rating

Excellent work from the teacher. I got excellent marks and Assignment help had given the. assignment in the time.

flag

User Id: 213317 - 08 Apr 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?