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Topic: Benefits of data analytics for external audit

Thesis Statement: There exist benefits of data analytics for external audit.

1) The value to the audit comes from the analysis

i) Using external market price to re- price investments

ii) Interest and foreign exchange rates, changes in GDP, and other growth metrics can also be used in analytical procedures.

2) Data analytics could enhance audit quality

i) The ability to graphically visualize results

ii) Ease of use by non-specialists

iii) Scale and speed

3) Data analytics work best where a business has been through a process of transformation

i) Communications becoming easier

ii) Audit effort being spread over the year rather than concentrated at the year end.

References

American Accounting Association. Auditing. [Sarasota, Fla.]: [Auditing Section of the American Accounting Association], 1981. <http://aaahq.org/ic/browse.htm>.