Audit Standards and Data Analytics?

While giving a presentation on Analytics during a recent event, one of the meeting participants asked how the Audit industry felt about data products created using Analytic processes.  On first thought, I consider Analytics to be a form of “analytical procedures”.  This was my response but I had to qualify it by acknowledging that I wasn’t sure how different auditing standards addressed the topic.  Over the last few days I’ve been able to do some research and pull together a quick synopsis of how the most commonly used Audit standards define the work behind Analytics.  In summary my initial impression was pretty close… several of major Audit standards define this type of work and emphasize the reliability of data that underpin Analytic data products.

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