1.4 - Effect of Data Analysis

Question 1

What are data analytics?

Answer 1

The examination of data to try to identify patterns, trends or correlations

Question 2

How has data analytics changed things for auditors recently?

Answer 2

An improvement in IT has meant auditors can examine a complete set of data, rather than having to sample

Question 3

What does the auditor need to understand (where are data analytics not helpful)?

Answer 3

Auditor still needs to understand the system which produced the data being analysed and understand and test how data got into the system in the first place