Question

Whatchallenges do you see for the advancement of audit data analytics (ADA) through AI?

Answer 1

What challenges do you see for the advancement of audit data analytics (ADA) through AI

Big Data Analytics are enabling auditors to do better identify financial reporting fraud and operational business risk and approach to deliver more relevant audit

Big Data and Analytics are transforming the audit = Big Data is the term used to describe this massive portfolio of data that is growing exponentially The Big data will have a dramatic impact on enhacing productivity , profit and risk Management. Other side Analytics is the process of analysing data with the objective of drawing meaningful conclusion . Major companies and organization have recognised the opportunity that big data and analytics will provide Their major impact in case of Audit.

Audit firms must continue their audit to serve teh public Interest by increasing quality on a continuous basis and delivering more insight . Impact of data analytics on enhancing the Quality and relevance of the audit . Recent technology advancement in Big Data and analytics are providing an opportunity to rethink the way in which an audit is executed

The transformed audit will expand beyond sample base testing include analytic of entire population of relevant audit data . Big data and analytics are enabling auditor to better indentify financial reporting , fraud and operational business risk.

Its a massive leap to go from traditional audit approaches to one that fully integrates big data and analytics in a seamless manner .