The Use of Data Analytics in Audit in Australia

Are External Auditors Using Data Analytics Tools in Their Audits? Data Analytics has been a topic for accountants and auditors for quite a number of years now. We were curious as to what the state of play in regard to external auditors and their use of data analytics as part of their audit service actually is. So we asked. During the recent Caseware Australia & New Zealand’s Data Analytics in Audit webinar, a couple of polls were conducted to understand how external auditors are currently using data analytics as part of their audit service for clients. We’ve included the poll results for interest in this blog – refer to the graphs above and below. How Do Can You Start Using Data Analytics? Are you interested in how to start with data analytics tools in an external audit? We recorded the webinar and you’ll find the link below. The webinar content was based on the presentations given by Sarah Butler (Head of Audit & Accounting at Caseware Australia &  New Zealand) at the 2019 Chartered Accountants of Australia & New Zealand Audit & Accounting conferences around the country during 2019. Check out the webinar recording here. Want a copy of the webinar slides? Find them here.

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So, What Products are External Auditors Using for Data Analytics Purposes? We also asked what products were being used for data analytics purposes during the webinar. No surprise that Excel is currently the most used software product. Sample size of poll responses was 62. Here is the breakdown (respondents could choose multiple products, so the totals are greater than 100%):

Products used for data analytics during an audit