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Successful Audit Data Analytics

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Date(s): Jan 26, 2021 - Jan 27, 2021
Time: 8:00AM - 4:30PM
Registration Fee: $429.00
Cancellation Date: Jan 19, 2021
Location: Online

Course Description

In this seminar designed for data analytics practitioners, attendees will learn everything they need to effectively integrate data analytics, or CAATs (Computer Assisted Audit Techniques), into an audit process. You will learn how technology can be used to more efficiently and effectively achieve desired results and brainstorm analytics across most major business cycles. You will learn how to progress from basic analytics into a fully automated/repetitive mode and learn the basics of Continuous Auditing. We will review common hurdles and hear how the most successful organizations in the world have been able to exploit the power of data analysis to achieve visible and sustainable value.

 

This seminar provides critical experience and content for the audit analytics practitioner.  You will get a chance to see how to align your analytics with your department’s vision for the use of data analysis.  You will get the opportunity to work on real-world scenarios with sample data files, and practice designing effective tests and critiquing and QAing the work of others.

 

As the course progresses, you will move quickly from understanding basic analytic techniques such as stratifications, summarizations, and duplicate identification into more advanced techniques such as fuzzy matching, Benford’s Law, and statistical and regression analysis. You will explore cutting-edge topics such as visual analytics, risk score carding, and spatial analysis. Regardless of the tool you currently use or plan to use in your department - whether generic like MS Excel or MS Access, audit-centric like ACL or IDEA, or more IT-oriented like SQL or SAS - the standard pseudo-code used throughout the course will allow you to easily take what you have learned and quickly code it in your tool of choice. Additionally, you will get hands-on experience working with demo versions of several popular tools, giving you the chance to see first-hand the strengths of each.  

 


Potential CPE Credits: 16.0
Govt Hours: This class meets 16.0 hours of the 24-hour requirement for governmental CPE under Government Auditing Standards (yellow book), in most cases.
Technical Hours: This class meets 16.0 CPE credits of technical training in compliance with Texas Admin. Code Rule 523.102.

Instruction Type: Live
Experience Level: INTERMEDIATE
Category: 02 Auditing

Course Objectives

Upon completion of this course, participants will be able to:

·         Integrate data analytics into the audit process

·         Understand the use of data analytics across key businesses cycles

·         Avoid common data analytics mistakes

·         Understand the pros and cons of popular analytics products

 

 

1.       Integrating Data Analytics Across the Audit Process
• stages of the data analysis process
• enabling the various stages for data analysis with technology
• applying data analytics to risk assessment, audit planning, fieldwork and testing, reporting, and follow-up and monitoring

 

2.       Pros and Cons of Common Data Analysis Tools
• MS Office: MS Excel, MS Access
• Excel add-ins: PowerBI, TeamMate Analytics, ActiveData
• audit-centric client/server: ACL, Arbutus, IDEA, InfoZoom
• statistically-based:  IBM Analytics, SAS, Minitab, R
• IT-centric: SQL, Alteryx, Lavastorm
• business intelligence: Cognos, Business-Objects, PowerBI
• specialized:  SAP
• dashboarding: Tableau, Qlikview, Spotfire, Lumira

 

 

3.       Analytic Development Cycle
• design strategy and approach
• analytic planning and design
• data access and validation
• coding/development
• testing/quality assurance (QA)
• script implementation and optimization
• process differences for ad-hoc vs. continuous testing

 

4.       Planning Data Analytics Projects
• brainstorming analytics ideas
• evaluating analytic level of effort and ROI
• prioritizing data analytics for use in audits
• making effective data analytic requests

 

 

5.       Planning for Data Access
• mapping key systems
• understanding various data access technologies and techniques
• understanding various data formats and file types
• effective negotiation with IT
• data verification procedures
• data security and retention

 

6.       Advanced Analytic Design Techniques
• complex string comparisons and fuzzy matching techniques
• address comparisons
• trending and time series
• Benford’s analysis
• smarter sampling techniques
• statistical and regression analysis

 

 

7.       Working with Standard Data
• national ID numbers
• vendor identification numbers
• postal codes and address abbreviations
• area codes
• credit card numbers

 

8.       Leveraging External Data Sources
• watchlists
• surveys and benchmarks
• geocoding and address standards
• ISO codes
• industry codes
• social media & web content

 

 

9.       Reporting and Interpreting Results
• documenting analytics in the audit working papers
• presenting results in a meaningful way
• overlapping results
• analytic precision

 

10.   Developing Appropriate Standards
• naming conventions and scripting guidelines
• code documentation
• requirements definition
• data verification, QA and testing
• security and archiving

 

 

11.   Making Analytics Repetitive and Continuous
• scripting and automation
• design considerations
• changes to data extraction and analytic logic

 

12.   Advanced Topics and the Evolution of Analytics
• continuous monitoring
• dashboard and visual analytics
• score carding
• predictive analytics
• spatial relationships and mapping

 

 

13.   Common Analyses in Major Business Processes
• Record-to-Report (R2R)
• Purchase-to-Pay (P2P)
• Forecast-to-Stock (F2S)
• Order-to-Cash (O2C)
• Hire-to-Retire (H2R)
• Process-to-Application (P2A)

 

 

 


Prerequisites

Basic audit and IT audit experience or training.

 

Government Hours: 4.23(p)


Instructors

Jim Tarantino

Jim Tarantino is the Client Solutions Director for High Water Advisors, a consulting firm specialized in helping organizations improve governance, risk management, compliance (GRC) and audit processes. He has over 15 years of information technology, analytics, audit and GRC experience with a recognized expertise in developing solutions to enable data-driven auditing, risk assessment and investigations. Prior to joining High Water Advisors, Mr. Tarantino was a Solution Lead/Practice Manager for ACL Services, where he led the implementation of data analytic solutions for large public sector clients. He has also held a number of GRC practitioner roles including Senior Auditor at RTI International and various management positions at Nortel Networks implementing a human capital analytics program. As a member of the IIA, ISACA and ACFE, Mr. Tarantino participates in local chapter activities, including serving as an instructor for CISA certification exam preparation seminars.


Additional Information

TAC Rule 523.142(g) requires the CPE Sponsor to monitor individual attendance and assign the correct number of CPE credits. Participants will be asked to document their time of arrival and departure in compliance with this Rule. Additionally, attendance will be monitored throughout the day and CPE certificates will reflect actual attendance of each participant.

If you are making travel plans to come to Austin, we recommend making "refundable" air and hotel reservations or waiting until 14 days before the class to actually book your reservations. Courses are occasionally canceled or rescheduled due to low enrollment. We determine whether a course has enough participants 16 days prior to the course date. If we cancel or reschedule, we will email the participant and his or her billing contact no later than 14 days before the original class date.

The course coordinator will contact you with parking information. Handicapped parking is free at the meters around the downtown area.

Vending machines with Coca-Cola products and various snack items are available. There is also a refrigerator and microwave in our coffee bar area. Feel free to bring in your own drinks and food if you prefer.

You might want to bring a light sweater or jacket, as room temperatures vary.

To see answers to our Frequently Asked Questions, visit http://www.sao.texas.gov/training/faq.html.


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