This assignment will introduce you to data analytics and its impact on the audit profession. The

research that you will conduct will help you gain an understanding about how Big Data, data

analytics, and new technologies are transforming external audits.

Required:

After watching the two YouTube videos and reading the three provided articles answer the

following five questions (

you may use any additional resources to help you answer these

questions

):

YouTube Videos:

https://www.youtube.com/watch?v=6qPZJfe5jXc

https://www.youtube.com/watch?v=rF8-sicfADE

1.

Explain what data analytics is.

(5 marks)

2.

Discuss at least three specific ways in which Big Data, data analytics, and new technologies

can enhance external audits. How does each item discussed improve the effectiveness

and/or efficiency of the audit?

(6 marks)

3.

What key challenges do auditors face when using Big Data, data analytics, and new

technologies during an audit?

(6 marks)

4.

In what situations would you recommend that you do not use Big Data, or data analytics

during an external audit?

(6 marks)

5.

Given the increased emphasis on data analytics, what do you think you Public Accounting

firms should do to enhance your data analytic skills needed to succeed in the audit and/or

accounting profession.

(2 marks)