The views expressed are the personal views of the presenter and do not reflect those of the PCAOB, members of the Board, or the PCAOB staff.

Slides:

Advertisements

Similar presentations

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IFRS Foundation.

Advertisements

Planning for financial attest audit in the context of SAR of Autonomous District Councils.

Auditing Concepts.

©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley The CPA Profession Chapter 2.

Chapter 1 Management’s Assertions When auditing the completeness, existence and valuation assertions for deferred revenue, the sample of.

Discussion on SA-500 – AUDIT EVIDENCE

1 Sarbanes-Oxley Section 404 June 29,  SOX 404 Background 3  SOX 404 Goals 4  SOX 404 Requirements 5  SOX 404 Assertions 6  SOX 404 Compliance.

Module A1 Other Public Accounting Services ACCT 4080.

Introduction to Audit & Other Assurance Services By David N. Ricchiute

International Auditing and Assurance Standards Board Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ISA Implementation.

Current Developments at the PCAOB Ensuring Integrity: 3 rd Annual Auditing Conference at Baruch College December 4, 2008.

PwC Role of Internal Audit in Corporate Governance September 2010 Tumin Gültekin, Partner.

Teaching Auditing Now: Effectively Combining Instruction on Public and Nonpublic Company Audits in an Undergraduate Course Karen L. Hooks, Ph.D., CPA Professor.

Auditing A Risk-Based Approach To Conducting A Quality Audit

By Michael Lawrance, CPA August 13,  The views in this presentation do not necessarily reflect that of KPMG LLP or any of its subsidiaries or affiliates.

Chapter 5 Internal Control Evaluation. Chapter 2 Professional Standards.

The CPA Profession Chapter 2.

Nature of an Integrated Audit

Lecture 8 Understanding entity and its environment

Slide © The McGraw-Hill Companies, Inc., 2006 Property, Plant, and Equipment; Depreciation and Depletion l At the same time, we also look at:  Gain.

Internal Auditing and Outsourcing

© The McGraw-Hill Companies 2010 Auditing the Financing/Investing Process: Cash and Investments Chapter Sixteen.

Chapter Nine Conducting the IT Audit. Audit Standards AICPA — Statements of Auditing Standards (SASs) AICPA — Statements of Auditing Standards (SASs)

AICPA Audit Data Standards ASEC Emerging Assurance Technologies Task Force.

The CPA Profession Chapter 2 By Arens et. al. Learning Objective 1 Describe the nature of CPA firms, what they do, and their structure.

Auditing Alternative Investments Presented By: Michael McNee, CPA January 9 th and January 16 th of 2008.

Audit objectives, Planning The Audit

1 Designing Substantive Procedures The auditor “must plan and perform the audit to reduce the audit risk to an acceptably low level that is consistent.

Nexia International Audit Forum Sharing our strengths to build quality.

Audit Evidence and Documentation Chapter 5. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 5-2 Financial Statement Assertions.

McGraw-Hill/Irwin © The McGraw-Hill Companies 2010 Audit Planning and Types of Audit Tests Chapter Five.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5-1 Chapter Five Audit Planning and Types of Audit Tests Chapter.

Nexia International Network versus Association Requirements.

PCAOB Inspection Findings PCAOB Audit Committee Dialogue Auditor Assessment Toolkit Doug Morally Senior Audit Manager September 14, 2015.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 7-1 Chapter Seven Auditing Internal Control over Financial Reporting.

BA 427 – Assurance and Attestation Services Lecture 21 Tests of Controls.

Chapter 06 Audit Planning, Understanding the Client, Assessing Risks, and Responding McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc.

Chapter 5 Evidence and Documentation McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Lecture 9 Audit Evidence

© 2003 by the AICPA SAS 99: Consideration of Fraud in a Financial Statement Audit.

18-1 Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

SAS 99: Consideration of Fraud in a Financial Statement Audit.

Shared Services and Third Party Assurance: Panel May 19, 2016.

Improving Compliance with ISAs Presenters: Al Johnson & Pat Hayle.

SAS 99: Consideration of Fraud in a Financial Statement Audit.

AUDIT STAFF TRAINING WORKSHOP 13 TH – 14 TH NOVEMBER 2014, HILTON HOTEL NAIROBI AUDIT PLANNING 1.

and Types of Audit Tests

 Planning an audit of cost statements, records and other related documents is considered necessary to ensure achievement of audit objectives with available.

F8: Audit and Assurance. 2 Designed to give you knowledge and application of: Section A: Audit Framework and Regulation Section B: Internal audit Section.

AUDIT EVIDENCE AND FINANCIAL STATEMENT ASSERTIONS 1.

Audit Planning, Understanding the Client, Assessing Risks and Responding Chapter 6.

Auditing Concepts.

The CPA Profession Chapter 2.

The fair value standard and its audit impacts

Internal Control Evaluation: Assessing Control Risk

PLANNING, MATERIALITY AND ASSESSING THE RISK OF MISSTATEMENT

Audit Planning, Types of Audit Tests and Materiality

Problem 9-3, Page 473 Key Control, Control Test Evaluation

Developing the Overall Audit Plan and Audit Program

Types of information systems in organizations and its characteristics

LATIHAN MID SEMINAR AUDIT hiday.

Evidence and Documentation

Reengineering the Audit with Blockchain and Smart Contracts

Audit Evidence Bob Dohrer, Technology Working Group Chair and Audit Evidence Working Group Chair IAASB CAG Meeting, New York Agenda Item D March 5, 2019.

UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT Topic 5.

IESBA CAG Meeting New York, USA March 4, 2019

SUMMARY OF 2018 AMENDMENTS TO RULE 15c2-12

Technology Bob Dohrer, Technology Working Group Chair

Audit Evidence Bob Dohrer, Audit Evidence Working Group Chair

Presentation transcript:

The views expressed are the personal views of the presenter and do not reflect those of the PCAOB, members of the Board, or the PCAOB staff.

Developments in Technology and Data Analytics PCAOB International Institute Panel Discussion December 8, 2017 Martin Baumann, Chief Auditor

Overview Current uses of data analytics Emerging technologies Potential impact on standards Task force Data security implications

Definition Data analytics, when used to obtain audit evidence in a financial statement audit, is the science and art of discovering and analyzing patterns, deviations and inconsistencies, and extracting other useful information in the data underlying or related to the subject matter of an audit through analysis, modeling and visualization for the purpose of planning or performing the audit. AICPA, Audit Analytics and Continuous Audit: Looking Toward the Future

Current Uses of Data Analytics Risk assessments Substantive procedures

Risk Assessment Observed uses similar to FRC Analyses are both more granular and broader (100% of a population) Deeper knowledge gained allows for more focused and targeted procedures

Substantive Procedures Analysis of whole population permits selections based on risk – not just random One firm asserts it analyzes 100% of an investment portfolio looking for many attributes (e.g., valuation, recent trades, liquidity, hand-pricing) and plots results on heat map

Emerging Technologies Artificial intelligence Contract review (e.g., software sales, leases) AI could compare an entire set of electronic documents and pull out data that identifies potential side agreements, contract modifications, and which agreements have similar provisions Blockchain Some companies are implementing blockchain into their enterprise resource planning (ERP) systems Payment processing Commodities trading Procurement and supplier management Audit implications

Potential Impact on Standards Research team is exploring whether changes to standards or guidance is needed Economic analysis underway Quality control considerations

Task Force – Overview Support the work of the PCAOB research team Provide insights on Relevant end-to-end audit processes How standards are applied Information needs of audit committees and investors Expertise needed

Task Force – Potential Topics Journal entry testing 100% analysis: approach to outliers and non-outliers Data analytics as alternative to sampling Data analytics and significant risks Artificial intelligence Blockchain technology

Data Security Implications Cybersecurity risks may create barriers to auditor use of data analytics Recent Big 4 security breach Impact on companies’ willingness to allow auditors to store their data