AICPA Audit Data
Standards
ASEC Emerging Assurance Technologies Task Force
AICPA Audit Data Standards
Audit data standards will contribute to the efficiency and
effectiveness of the audit process through standardization of the
format for fields and files commonly requested for audit and other
related purposes.
Key Facts
Voluntary IT standards
Identify data needed for audits
Provide standardized data file and data field definitions and technical
specifications
Provide supplemental questions and data validation routines
AICPA Audit Data Standards
Publication of the Audit Data Standards
The working group has published the following Audit Data Standards
to the AICPA’s Financial Reporting Center Website:
1.
Base Standard
• Includes basic data fields and common files that should be
used in conjunction with the General Ledger and AR
Subledger standards
2.
General Ledger Standard
• Includes information specific to general ledger accounts
3.
Accounts Receivable Subledger Standard
• Includes information specific to accounts receivable
AICPA Audit Data Standards
Benefits of the Audit Data Standards
Internal/external auditors:
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Data is provided on demand an in a usable format
Enables auditors to drill down and better identify higher risk areas or suspect
transactions
Enables enhanced analytics to be performed
All CPAs, plus managers and non-CPAs in business and industry:
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Provides companies with data consistency and the opportunity for data analysis
Enables management to better identify high risk areas as well as analyze growth
opportunities
Enables enhanced analytics to be performed
Enables management to provide timely feedback and updates to Audit
Committees to facilitate company oversight
AICPA Audit Data Standards
Benefits of the Audit Data Standards
Audit committee members:
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Will receive more timely and valuable information
Will receive more detailed analysis of business performance
Software vendors:
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Development of ready made extraction programs
Development of audit data interchanges in a cloud or similar means for
companies to access data
Development of audit apps that can be used to analyze the standard set of data
AICPA Audit Data Standards
Audit Data Standards and Big Data
Audit Data Standards aim to streamline the data received from
enterprise resource planning systems
Audit Data Standards provide validation routines and supplemental
questions that will help users assess the validity and reliability of the
data
Audit Data Standards provide data on demand and in a standardized
format
Areas to consider:
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Data retention and storage issues
Development of future subledger standards, such as Allowance for Doubtful accounts,
where data is not easily accessible.