mod g: Data Analytics in Auditing

These flashcards cover key concepts related to data analytics in auditing, including definitions and processes.

Data

Facts and statistics collected together for reference or analysis.

Analytics

The systematic computational analysis of data to identify trends, risks, or insights.

Risk Assessment

The process during an audit where auditors identify outliers or unexpected items.

Test of Controls

Auditors use data analysis tools to test the effectiveness of controls in the audit process.

Substantive Procedures

Audit procedures that provide evidence to support financial statements, including analytical procedures.

ADA Steps

The five steps include planning, preparing data, considering relevance and reliability, performing, and evaluating results.

Documentation Requirements

Details that must be documented for audit procedures, including objectives, risks addressed, and methods used.

Generalized Audit Software

Software like IDEA and ACL used for audit data analytics.

Data Preparation Tools

Tools such as Alteryx and R used for cleaning and analyzing data.

Visualization Tools

Tools like Tableau and Power BI that help present data visually.