15 januari 2018
The purpose of this publication is to demonstrate that data analytics techniques are embedded in the audit approach and that data analytics offers many opportunities to improve the audit quality.
Today data analytics techniques are already embedded in the audit approach
Today most of the auditors apply data analytics in their day-to-day audit activities. The techniques are sometimes basic, in other situations more complex. Basic analytics procedures are performed through softwares such as excel that used to sort information (for example top 10 customer by revenue) and match data from separate sources (for example individual fixed assets still in use in the fixed assets management system with the fixed asset as recorded in the general legder). More advanced procedures involve IT audit techniques and are used, for example, to recalculate the accuracy of trade receivables ageing balance, to realize a three way match detail testing, to isolate goods shipped without sales invoice,...
But data analytics offers many other opportunities to improve audit quality
Data analytics is a key element in the strategy to improve audit quality. Analytics tools will assist the auditor in the identification of risks through procedures such as the search for one time vendors, direct expenditure postings, vendors with payments on multiple bank accounts, duplicated payments,..
This paper was prepared by the working group Data Analytics, which is composed of the following members: Olivier De Bonhome, Erik Gjymshana (technical advisor) Mieke Jans (prof. University of Hasselt), Daniel Kroes (president), Marc Marissen, Filip Simpelaere, Jeroen Trumpener and Sébastien Verachtert