In 2012, the AICPA published its first Audit Data Standards – agreements on how accounting software could exchange their data with write-up, analytics, visualization and audit software. This was the latest in a series of published standards to simplify exchanging reliable and reusable data. With the growth of interest in advanced audit data analytics, artificial intelligence-based bookkeeping, accounting and audit, Internet of Things (IoT) and remote data entry and Blockchain-based audit trails, standardized audit evidence can streamline all of these processes. In this session, you will learn:
– Alternatives for accounting and audit data standards, from the AICPA, United Nations, OECD, XBRL and ISO, and how harmonization is possible
– Techniques to leverage existing and emerging standards to streamline internal data archival, migration, integration and consolidation
– Guidance to understanding the AICPA’s “Audit Data Analytics to Traditional Procedures Mapping Document” illustrates how data analytics, when applied to the financial statement audit, can help to automate traditional procedures.