Overview
This course will provide Internal Auditors with foundational and practical knowledge of data analytics and mining. This course is designed to differentiate these two concepts while providing auditors with tools to increase audit effectiveness. This course covers data mining techniques, maximizing data, data methodologies, and trend analysis. Participants will also identify ways to improve their continuous audit process and enhance outcome reporting through dashboard visualizations.
Learning Options
Below are the available learning options for this course:
AuditPro
Online On-Demand
This course is available through AuditPro — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.
Learn more & subscribeEnterprise Solutions
Tailored Experience
Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.
Customize your trainingNASBA Certified CPE
Auditing
Why you should take this course
For users with an introductory knowledge of this topic, and are searching for additional information and its application.
Who should take this course
Compliance Officers, Audit Managers and Directors, Financial, Operational, and IT Auditors, and key operational personnel.
Prerequisites
- Fundamentals of Internal Auditing
- Risk School
- or equivalent experience
1. Define Data Mining and Continuous Auditing
• Data Mining
• Data Analysis
• Exploratory Analysis
• Continuous Auditing
2. Maximizing the Use of Data
• Enhancing the Audit Plan with Analysis
• Risk Assessment Procedures
• Data Testing Procedures
• Multi-Purpose Tools
3. Data Methodologies
• Poisson Distribution
• Binomial Distribution
• Linear Regression
• Linear Regression Outliers
• Moving Averages
• Pivotal Points of Change Analysis
• Measure of Dispersion – Standard Deviation
• Mean Dispersion Analysis
• Period-to-Period Analysis
• Correlation Analysis
• Concentration Testing
• Data Patterns and Fraud Factors
• Beneish M-Score Calculator
• Keyword Searches for Manual Journal Entries
• Duplicate Transactions
• Horizontal Ratio Analysis
• Vertical Ratio Analysis
• Compliance Testing
• Compliance Testing with Excel Functions
• Operational Audit Tests with Excel Functions
• Financial Audit Tests with Excel Functions
4. Defining a Continuous Audit Process
• Embedded Audit Routines
• Excel Templates
• Triggers or Thresholds
5. Report Outcome Focus
• Audience Analysis
• Dashboard Planning
• Excel Data Cleaning
• Applying Functions to Testing for Dashboards
• Consolidating Data Techniques
• Visual-Centric Audit Reporting
• Future Improvement and innovations
- Differentiate between data mining and data analytics.
- Demonstrate how data analytics can optimize audit effectiveness.
- Identify additional audit analytics tools and describe innovations and improvements to these tools.
- Identify data patterns through hands-on exercises and activities.
- Explain how different visualization tools can be employed to build practical and useful dashboards.
ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.