Audit data analytics (ADAs) is one of the many areas in which Chartered Professional Accountants of Canada (CPA Canada) supports its members. The term refers to the use of data analytics in the audit of financial statements.
ADAs are audit procedures used to discover and analyze patterns, identify anomalies, and obtain other useful information from data populations relevant to the audit. Because of the power of advanced analytical tools, auditors using ADAs are able to perform procedures that may, in some cases, cover 100 per cent of the items in large data populations.
Large and diverse amounts of data are being used by organizations of all types and sizes to improve their strategic, financial and operational decision-making.
In response to this changing environment, increased use of ADAs is important in maintaining the relevance and quality of the financial statement audit and in helping to improve its effectiveness and efficiency.
CPA Canada is committed to supporting its members through tools and resources to promote awareness, understanding and effective implementation of data analytics. See the suite of resources available to you below:
CPA Canada Guide to Audit Data Analytics (May 2018)
The CPA Canada Guide to Audit Data Analytics is designed to assist and encourage practitioners to make use of technology-based data analytics in the audit of financial statements. Find out more and purchase your copy.
CPA Canada alerts, tools, and other resources
Practitioner's pulse (May 2022): Technology in the audit (On-demand)
Join us for this webinar featuring presentations from a public company audit regulator, an international standard setter and an audit practitioner on the use of technology in the audit, followed by a live Q&A session.
Technology’s impact on the audit (April 2022)
Continuous technological developments are creating risks and opportunities for the audit profession today and into the future. Read this blog for updates on recent activities and to access our suite of helpful resources.
Evaluating the information reliability of automated processes (August 2021)
How do you consider information reliability when using automated tools and techniques? What about the information produced by the entity? Find answers on designing and performing audit procedures to obtain sufficient appropriate audit evidence here.
Recent guidance on using automated tools and techniques (ATT) in the audit (October 2021)
New to using ATT in audits? Wondering how to use ATT appropriately for risk assessment, audit procedures or what to document? Find a summary of recent Canadian and International resources here.
An inside look at how auditors in Canada are using data analytics (April 2019)
Find out what auditors from nine public accounting firms are saying about their experiences in applying data analytics to their financial statement audit engagements and how others can leverage their insights.
Basic audit data analytics with R (July 2018)
Learn about the work of two members of the CPA Canada Audit Data Analytics Committee related to using R to perform entry level ADAs.
Audit Committee Briefing: Questions for audit committees about audit data analytics (November 2017)
Learn about Audit Data Analytics (ADA) and sample questions that audit committees might consider asking the auditors of their organizations regarding the use of ADAs.
Audit data analytics alert: Survey on ADAs in Canada – Results and implications (September 2017)
Find out the results of an important survey commissioned by CPA Canada to understand how Canadian auditors are using ADAs in performing financial statement audits.
Audit client briefing: Why CFOs should support the use of audit data analytics (May 2017)
Learn more about audit data analytics and how you can work with your auditors to promote more frequent and effective use of data analytics in your organization's financial statement audit.
Audit data analytics alert: Talking to your audit clients about data analytics (May 2017)
Learn more about audit data analytics and how to engage in productive dialogue with your clients to promote increased use of data analytics into the audits of financial statements.
The International Auditing and Assurance Standards Board’s Technology Focus Area Webpage
An independent standard-setting body, the International Auditing and Assurance Standards Board (IAASB) serves the public interest by setting rigorous international standards for auditing and related services. The group has provided a list of resources to help auditors make the most of the technology available to them.