You are a member of the auditing staff of a medium-size CPA firm, Reid, Daniels, & Luke. One of the audit partners, Alan Daniels, has asked you to prepare a report addressing the topic of the use of data analytics technology both in external financial statement auditing and in internal auditing. He has heard that the use of such technology is revolutionizing how larger CPA firms conduct audits and does not want RD&L to fall behind. He is particularly interested in more fully understanding exactly what data analytics technology is and how RD&L can use it to provide better service to its clients. Mr. Daniels plans to circulate your report to all partners and managers in the firm. Write a report for Mr. Daniels addressing his concerns.

Answer rating: 100% (QA)

While the profession has long recognized the impact of data analysis on enhancing the quality and relevance of the audit mainstream use of this technique has been hampered due to a lack of efficient t... View the full answer