An Introduction to Data Analytics
This webinar will examine how auditors traditionally use analytic procedures such as means, modes, and variance analysis.
Course content
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About this course
- $69.00
- 2 CPD hours
- December 9, 2021
Course Description
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 Canadian Auditing Standards (CAS), such as the revised Canadian Audit Standards 315: Identifying and Assessing the Risks of Material Misstatement.
LEARNING OBJECTIVES
1. Defining audit data analytics (ADA)
2. Guiding the profession into the audit data analytic mindset
3. Applying ADAs, including data visualization, through a customized software walkthrough
4. Exploring the future of ADAs for the audit profession
5. Identifying the benefits and challenges of using ADAs
1. Defining audit data analytics (ADA)
2. Guiding the profession into the audit data analytic mindset
3. Applying ADAs, including data visualization, through a customized software walkthrough
4. Exploring the future of ADAs for the audit profession
5. Identifying the benefits and challenges of using ADAs
TOPICS INCLUDE:
• What are data analytics?
• Summary statistics vs. data visualization
• Data analytics software walkthrough
• Benefits and challenges to using data analytics
• Data analytics and the Canadian Auditing Standards
WHO WILL BENEFIT:
The course will benefit audit and assurance professionals looking to use data analytics on their audits effectively.
Instructor(s)
Garth Sheriff
[email protected]Garth Sheriff, CPA, CA, CPA (Illinois), CIA, CGMA, MAcc, is the founder of Sheriff Consulting (sheriffconsulting.com) and Sheriff Consulting Online (online.sheriffconsulting.com).
Sheriff Consulting specializes in the design and delivery of assurance, accounting, and communication skill professional development courses. The mission of Sheriff Consulting is to provide an engaging approach to your professional development.
Garth has worked as an assurance professional and learning provider for over 20 years. He has prepared and trained CPAs for key changes to the profession, including internal control documentation (SOX), Canadian Auditing Standards (CAS) and Canadian Standards on Review Engagements 2400 (CSRE 2400).
He earned a Master of Accounting and a Bachelor of Arts (Honours - Accounting) from the University of Waterloo, Canada. He is a member of the Chartered Professional Accountants of Ontario (CPAO), American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA).