Sharpen Your Focus
Develop a data-driven audit mindset and find opportunities to incorporate data analytics into client engagements throughout risk assessment and risk response.
Course Summary
Our Becoming a Data-Driven Audit Practice course provides the information needed to better leverage audit data analytics (ADAs) in the design and execution of financial statement audits. Designed for auditors at all levels, this program opens with broadly applicable topics such as data availability and reliability before moving into four topics covering audit data analytics in risk assessment and risk response. During each training section, participants will identify opportunities to incorporate data analytics into their client engagements, interact with practical examples, and develop a data-driven audit mindset. This program is designed to allow the use of various data analytics software tools and can be customized to feature specific software tools used by your firm.
Learning Objectives
- Identify opportunities to apply audit data analytics (ADAs) throughout the audit, from understanding the entity to testing detailed transactions, to enhance audit quality and efficiency
- Evaluate the availability, reliability, and relevance of client data to determine whether it can be used effectively in performing audit procedures
- Apply ADA techniques to support risk assessment procedures, including identifying unusual trends, relationships, and risk indicators within client data
- Design data-driven audit responses, including tests of controls, substantive analytical procedures, and detailed transaction testing, that align with identified risks of material misstatement
- Interpret and communicate the results of data analytics, including preparing audit documentation
Course Information
| Delivery Methods | Fields of Study |
|---|---|
| Group Live
Group Internet |
Auditing (8) |
| CPE Credits | Prerequisites |
| 8 Credits | None |
| Level | Advance Preparation |
| Basic | None |
COURSE OUTLINE
Part 1: The Data-Driven Audit
| Module Title | MIN. |
|---|---|
| Introduction | 25 |
| Foundational Data Analytics Concepts | 50 |
| Using ADAs in Understanding the Entity and Risk Assessment | 100 |
| Risk Response via ADAs: Testing the Operating Effectiveness of Internal Controls | 50 |
| Risk Response via ADAs: Substantive Analytical Procedures | 75 |
| Risk Response via ADAs: Testing Populations of Detailed Transactions | 75 |
| Closing | |
| Total | 400 |
Part 2: Taking Action: Brainstorming Sessions for Specific Audit Engagements
Through small group follow-up discussions scheduled virtually or in person, intact engagement teams will select a specific audit engagement to dive into more deeply. In light of the information covered during Part 1, our facilitator(s) will lead a brainstorming session for each selected audit engagement, allowing engagement team members at all levels to identify further specific opportunities to incorporate data analytics across both the risk assessment and risk response phases of the audit engagement. Engagement teams will leave these discussions with fresh ideas for utilizing data analytics on their engagement and additional experience shifting toward the data-driven audit mindset.
