Updating Audit Standard—Enabling Audit Data Analysis

ABSTRACT

This paper highlights the emerging role of data analysis on the financial statement audit and its value throughout the audit process, particularly in providing audit evidence. It raises the issue of needed revisions to the Audit Standards, whether for public or private company audits, and illustrates how certain of the current Audit Standards inhibit the external auditors' use of enhanced data analysis and continuous auditing techniques. While this whitepaper identifies a few audit standards that could be revised in light of current technological capabilities, it does not purport to address all needed revisions. Rather, it recommends that a more in-depth analysis be undertaken to develop needed guidance, as well as a list of recommended changes to the standards.

Source : William R. Titera (2013) Updating Audit Standard—Enabling Audit Data Analysis. Journal of Information Systems: Spring 2013, Vol. 27, No. 1, pp. 325-331.