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How do you think you might use data analytics and data visualization in accounting and auditing...

  • How do you think you might use data analytics and data visualization in accounting and auditing industry
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Answer #1

The power of data analytics could make it possible for external financial statement auditors to improve audits by:

Testing complete sets of data, rather than just testing samples.

Aiding risk assessment through identification of anomalies and trends, perhaps even through comparison to industry data, pointing auditors toward items they need to investigate further.

Providing audit evidence through comprehensive analysis of organizations’ general ledger systems

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