Acca aaa s21 Notes

September 2021 to June 2022 exams
Watch free ACCA AAA lectures 
81

---

Only on 
OpenTuition
you can find: Free ACCA notes 
•
Free ACCA lectures 
•
Free ACCA tests 
•
Free ACCA tutor support 
•
The largest ACCA community
DAWG requested input from stakeholders (including regulators, national standard setters, 
accounting firms, member bodies, investors) about the use of data analytics in the audit. The 
following table summarises the questions asked and the feedback from respondents:
Questions
Feedback
What factors in the current business 
environment affect the use of data 
analytics?
๏
Data acquisition (source, quality and access)
๏
Legal and regulatory challenges
๏
Resource availability
๏
Investment in re-training/re-skilling auditors
What are the standard-setting 
challenges?
๏
Determining whether requirements of ISAs have been met
๏
Relevance and reliability of data
๏
Managing expectations of ‘100% testing’
๏
Using data analytics on non-financial data
What are the possible solutions to 
the challenges?
๏
ISAs aren’t ‘broken’ and should remain principles-based and 
adaptable
๏
Overwhelming need for non-authoritative practical 
guidance
What should be IAASB’s next step? 
(e.g. revised ISA 520)
๏
Revision to ISA 230 and ISA 500 should be prioritised but …
๏
… short-term guidance is the highest priority.
The use of data analytic tools is one of the fastest developing areas in audit and a current issue. You 
are strongly advised to visit the 
AAA Technical Articles
 page for relevant article now and again during 
your revision.