AICPA issues guide to audit data analytics

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The American Institute of CPAs has released a new guide to data analytics to familiarize CPAs with the technology.

The Guide to Audit Data Analytics offers an overview of data analytic techniques to help auditors apply the technology to their audit engagements. The guide discusses how audit data analytics can help improved understanding of an organization’s operations and risks, increase the potential for detecting material misstatements, and improve communications with officials responsible for governance.

“The AICPA is working to enhance audit quality through firm adoption of new skills, capabilities and technologies to better serve clients and the public,” said AICPA executive vice president of public practice Susan S. Coffey in a statement. “We believe technology-based audit data analytics can make the financial statement audit more effective.”

The AICPA plans to present a webcast discussing the new guide on Dec. 18, from 1 to 2:30 p.m. EST.

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