Data Analytics procedures may soon be incorporated into Global Auditing Requirements

Data Analytics procedures may soon be incorporated into the International Standards of Auditing. 

The International Auditing Standards Board, IAASB, has set up the Data Analytics Working Group (DAWG) to look into the incorporation of data analytics procedures into the global auditing requirements. DAWG has recently published a working document on this subject at the following link, for which input is requested:

https://www.ifac.org/system/files/publications/files/IAASB-Data-Analytics-WG-Publication-Aug-25-2016-for-comms-9.1.16.pdf 

We are excited about this development as it will greatly enhance audit quality and ensure that the auditing profession is kept up to date with latest developments.

Nevertheless, the cost-benefit analysis must be carefully assessed. New requirements for auditors to incorporate data analytics procedures will raise auditing complexity and costs, and ultimately financial reporting costs for businesses and investors. 

Have your say! Write in your comments to the Data Analytics Working Group before 15 Feb 2017.