Data Analytic Audit Procedures
1. Plan the Data Analytics Audit (DAA)
The first step is to develop a solid plan. Figure out what information you’ll be reviewing and what you want to get out of it. Are you performing a risk assessment procedure, substantive analytical procedure, or test of details? Or are you seeking to form an overall conclusion from the audit? Once you know your objective, then think about the population of data you have available. Give preliminary consideration to how available, relevant and reliable it is (you’ll consider this in more detail in step 3). Finally, identify which specific DAA procedures, techniques and tools you’ll use.
a. Develop a solid plan.
b. Determine what information will be reviewed and what you want to achieve
c. Are you performing a risk assessment, substantive analytics or details testing?
d. Are you seeking an overall audit conclusion?
e. Detail the audit objectives
f. Consider the data population
g. Assess the availability, relevance and reliability of the data
h. Identify the procedures, techniques and tools you will use for the DAA
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