1. AICPA Audit Data Standards ASEC Emerging Assurance Technologies Task Force

2. AICPA Audit Data Standards Audit data standards will contribute to the efficiency and effectiveness of the audit process through standardization of the format for fields and files commonly requested for audit and other related purposes. Key Facts Voluntary IT standards Identify data needed for audits Provide standardized data file and data field definitions and technical specifications Provide supplemental questions and data validation routines

3. AICPA Audit Data Standards Publication of the Audit Data Standards The working group has published the following Audit Data Standards to the AICPA’s Financial Reporting Center Website:Website 1. Base Standard Base Standard Includes basic data fields and common files that should be used in conjunction with the General Ledger and AR Subledger standards 2. General Ledger Standard General Ledger Standard Includes information specific to general ledger accounts 3. Accounts Receivable Subledger Standard Accounts Receivable Subledger Standard Includes information specific to accounts receivable

4. AICPA Audit Data Standards Benefits of the Audit Data Standards Internal/external auditors: Data is provided on demand an in a usable format Enables auditors to drill down and better identify higher risk areas or suspect transactions Enables enhanced analytics to be performed All CPAs, plus managers and non-CPAs in business and industry: Provides companies with data consistency and the opportunity for data analysis Enables management to better identify high risk areas as well as analyze growth opportunities Enables enhanced analytics to be performed Enables management to provide timely feedback and updates to Audit Committees to facilitate company oversight

5. AICPA Audit Data Standards Benefits of the Audit Data Standards Audit committee members: Will receive more timely and valuable information Will receive more detailed analysis of business performance Software vendors: Development of ready made extraction programs Development of audit data interchanges in a cloud or similar means for companies to access data Development of audit apps that can be used to analyze the standard set of data

6. AICPA Audit Data Standards Audit Data Standards and Big Data Audit Data Standards aim to streamline the data received from enterprise resource planning systems Audit Data Standards provide validation routines and supplemental questions that will help users assess the validity and reliability of the data Audit Data Standards provide data on demand and in a standardized format Areas to consider: Data retention and storage issues Development of future subledger standards, such as Allowance for Doubtful accounts, where data is not easily accessible.