Webcast: Enabling Audit Transformation: How Audit Data Analytics Revolutionizing Fincl (XSADA1219)
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The promise of big data has come to the audit world. Recently, the AICPA published the “Audit Data Analytics Guide.” The guide seeks to enable auditors to enhance audit quality through the use of new technologies, skills, and capabilities, such as audit data analytics (ADAs). With this guidance in hand, CPA firms are now looking for ways to implement ADAs into their current audit process. This two-part webcast series provides guidance to CPA firms on how best to perform this implementation proce

6/24/2019
When: June 24, 2019
9:00 AM until 11:00 AM
Where: Webcast
Surgent
ADA1-2019-01-WEBNR-175-01
United States
Presenter: Virginia Collins, CPA,CITP,CFE


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Acronym XSADA1219
CPE 2 hours
Vendor Surgent
Category
Accounting & Auditing
Level Basic
Yellow Book? No
CFP Credit? No
Registration Fees
Members* $89
CPA Non-Members $114

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.

Course Description

The promise of big data has come to the audit world. Recently, the AICPA published the “Audit Data Analytics Guide.” The guide seeks to enable auditors to enhance audit quality through the use of new technologies, skills, and capabilities, such as audit data analytics (ADAs). With this guidance in hand, CPA firms are now looking for ways to implement ADAs into their current audit process.
 
This two-part webcast series provides guidance to CPA firms on how best to perform this implementation process. In Part 1, we’ll discuss the history of the audit profession’s efforts to effectively implement such ADAs as computer assisted auditing techniques (CAATs), continuous auditing, and other data analytics tools into the financial statement audit. Next, we focus on how the internal audit function has also utilized ADAs in its activities, including a discussion of best practices and obstacles. Lastly, as all successful implementations of new technology tools require effective management, the webinar will introduce the Agile project management framework. Agile is a project management methodology that will keep firms on track while adding immediate value to the audit and managing costs.

Objectives

  • Understand the evolution of I.T., the emergence of big data, and the changes that increased use of analytics has made in the auditing landscape
  • Explain why public accounting firms have been slow in implementing data analytics into the audit
  • Detail the new processes to be developed at firms to allow for successful management of data analytics projects
  • Recall Agile project management principles and how they can enable firms to be successful in implementing data analytics into their audits

Major Topics

  • Understanding of the characteristics of data that make it valuable
  • Key elements of the 1999 CICA and AICPA published report on continuous auditing, the “Red Book”
  • Struggles encountered by public accounting firms in implementing the use of data analytics and continuous auditing on their engagements
  • An overview of the AICPA’s Audit Data Analytics Guide
  • The big risks and rewards arising from the use of data analytics, specifically how auditors can decrease risk while increasing potential rewards from the use of ADAs
  • Effective management techniques for data analytics projects that maximize the potential value that the use of ADAs can add to the audit
  • Causes of success and failure arising from internal auditors’ use of data analytics
  • The Agile framework and how it helps public accountants to manage ADA implementations

Designed For: CPAs who need to know how to begin to implement ADA into their audit process while maximizing the chance of success and minimizing the chance of failure.

Requisite Knowledge: Experience with audits of small- to medium-size businesses

Note: Login instructions will be provided by the webcast vendor (Surgent).