Data Mining for Auditors - OAP215

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.

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Enterprise 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 training

NASBA Certified CPE

24 Credits

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.