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AGS 13 Data Analytics in a Financial Statements Audit provides guidance on the key principles of the application of data analytics in the audit of financial statements.
Rapid advancements in technology and rising business complexity and volume of transactions have transformed the business landscape with an increasingly pervasive use of data. To enhance the quality of audits and more effectively deal with large volumes of data, data analytics tools and techniques could be employed in the audit of financial statements.
Auditors may face practical challenges in the use of data analytics in an audit as there may be various ways in which data analytics could be applied.
This Statement provides guidance for auditors on:
- 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.
This 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.
ISCA would like to seek views from key stakeholders on the above Exposure Draft.
ISCA requires all comments to be submitted to technical@isca.org.sg by 31 May 2021.
Please click here for the Exposure Draft of AGS 13.