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Data analytics for external auditors

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Jun 09, 2016

In June 2016, the Institute of Chartered Accountants in England and Wales (ICAEW) released the report "Data analytics for external auditors: International Auditing Perspectives."

Auditor data analytics is about enhancing audit quality. There are different angles on what this means in practice but audit quality is a common objective of auditors, regulators and standard-setters alike.

A high-quality, focused and effective audit is aligned with the way the audited entity manages its data and operations. Data analytics is currently the preserve of larger firms and the mid-tier but that looks set to change. Smaller firms need to be aware of the potential for data analytics to transform smaller audits in due course.

Review the report on the ICAEW's Web site.

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