Audit Data Standardization: Is Interoperable Audit Evidence on the Horizon?
Description
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.
Learning Objectives
Recognize alternatives for accounting and audit data standards, from the AICPA, United Nations, OECD, XBRL and ISO, and how harmonization is possible
Identify techniques to leverage existing and emerging standards to streamline internal data archival, migration, integration and consolidation
Illustrate how data analytics, when applied to the financial statement audit, can help to automate traditional procedures
Major Topics
AICPA Audit Data Standards
ERP data
Streamlining internal data archival, migration, integration and consolidation
Applying data analytics to the financial Statatement audit
AICPA’s “Audit Data Analytics to Traditional Procedures Mapping Document”
Provider
Business Learning Institute
Course Level
Intermediate
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Auditing
1.0
Who Should Attend
CPAs in practice and industry with an interest in audit innovation and facilitating the exchange of ERP data between and client and its auditor
Instructor(s)
Eric Cohen
Prerequisites
Understanding of nature of data extracts requested from clients as audit evidence.