An inside look at how auditors in Canada are using data analytics
Find out what auditors from nine public accounting firms are saying about their experiences in applying data analytics to their financial statement audit engagements and how others can leverage their insights.
Why and how are Canadian auditors using audit data analytics (ADA)? Has such use been effective? How are client management and audit committees reacting to such use? These are some of the matters explored in a recent initiative undertaken by CPA Canada's ADA Committee.
The initiative involved CPA Canada holding a series of interviews with engagements teams from nine participating public accounting firms ranging in size from very small to very large to discuss use of data analytics on specific audit files.
Topics discussed and insights shared include:
- nature of ADAs used
- purposes for using ADAs
- benefits of using ADAs
- challenges in using ADAs and related successes
- suggestions for first-time users of ADAs
- future plans regarding use of ADAs
CPA Canada urges auditors to read this report and use what they learn to move the dial with respect to ADA implementation in their own engagements, at their firm, and in Canada more broadly.