Using Copilot and AI in Audit Engagements

May 14, 2023

This session introduces audit professionals and staff to practical data analytics techniques that can be applied during an audit of financial statements. It focuses on the use of Microsoft Excel and selected artificial intelligence tools to support audit procedures, identify unusual transactions, perform preliminary risk assessment, and improve the quality of audit documentation.

The session is designed to be practical and engagement focused. Participants will learn how to use data analytics to support, but not replace, audit judgment and professional scepticism.

1. Using Excel to perform basic audit data checks, including:

Exporting accounting data into Excel
Casting and checking totals
Sorting data in the required sequence
Checking numerical sequence
Identifying duplicate values
Formatting and cleansing date fields
Converting inconsistent date formats
Sorting transactions by date
Selecting transactions within a specified date range

2. Applying Excel functions to identify unusual transactions, including weekend transactions, round-sum payments, duplicate bank accounts, and transactions recorded outside expected date sequences.

3. Using ratio analysis to identify transactions or balances that may require further audit investigation.

4. Applying data analytics to selected audit areas such as purchases, payments, trade receivables, sales, inventory, and journal entries.

5. Using AI tools to support preliminary audit risk assessment, while recognising the limitations of AI-generated output.

This workshop qualifies for:

3.5 CPE hours in Information Technology (Category 5)

Audit Professionals
Audit associates, audit seniors, and audit staff who are involved in financial statement audits and who are expected to perform audit procedures using client accounting data, spreadsheets, and other electronic records.

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).