Apply big data analysis in substantive test in financial audit
Abstract
Big data has a significant impact on auditing and assurance service ensuring that companies are operating and generating more data than ever before. With the smart use of the latest technologies, along with the knowledge and experience available, auditors can achieve a better insight into the overall financial situation of customers. Hence, auditor can make better decisions, improve audit quality and ultimately create value for customers. The purpose of the paper is on the application of big data analysis at the stage of auditing, in particular, substantive test including analytical procedures and test of details of balances. In particular, the article discussed some common data analysis techniques and patterns to describe more precisely how to utilise in practice.