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As data analytics tools and techniques are increasingly employed in the audit of financial statements to enhance the quality of audits and more effectively deal with large volumes of data, ISCA, with the support of the Auditing and Assurance Standards Committee (AASC) and the AASC Data Analytics Sub-Committee, has developed AGS 13 in collaboration with the Accounting and Corporate Regulatory Authority (ACRA) to provide insights and guidance for auditors in this area.
AGS 13 provides guidance for auditors on the key principles of the application of data analytics in the audit of financial statements, comprising:
- considerations prior to the use of data analytics;
- preparing data for use;
- relevance and reliability of data;
- use of data analytics;
- evaluation of results; and
- other relevant considerations.
The Statement also provides illustrative examples on how data analytics may be effectively used in different phases of the audit, such as in risk assessment procedures, substantive analytical procedures and tests of details.
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