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.
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.
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)
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