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Application of Advanced Data Analytics in the Audit Process

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Intelligent Computing and Optimization (ICO 2019)

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 1072))

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Abstract

The audit profession has not changed much through history. Impact of technology and advanced analytics applied in audits today can be best shown through banking audits and loan review process. Several authors designed tools to leverage the power of advanced analytics, to identify and analyze risks in loan portfolios, to inspect data integrity, prepare a tailored audit plan, and to communicate the results of audits to clients with more impact and insight. After deployment of such tools, audit of the loan review process is going through change, especially in time resources that are saved. Instead of testing a limited number of randomly selected samples, auditors can toady analyze in detail the entire population of transactions. While it is clear that lower level accounting and auditing skills can easily be replaced by technology, human ability to understand, interpret and react in a business situation cannot be replaced by technology.

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Author information

Authors and Affiliations

  1. Algebra University College, Ilica 242, Zagreb, Croatia

    Leo Mrsic, Sanja Petracic & Mislav Balkovic

Authors
  1. Leo Mrsic
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  2. Sanja Petracic
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  3. Mislav Balkovic
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Corresponding author

Correspondence to Leo Mrsic .

Editor information

Editors and Affiliations

  1. Department of Fundamental and Applied Sciences, Universiti Teknologi Petronas, Tronoh, Perak, Malaysia

    Pandian Vasant

  2. Computer Science, FEI, VSB-TU Ostrava, Ostrava, Czech Republic

    Ivan Zelinka

  3. Faculty of Engineering Management, Poznan University of Technology, Poznan, Poland

    Gerhard-Wilhelm Weber

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Mrsic, L., Petracic, S., Balkovic, M. (2020). Application of Advanced Data Analytics in the Audit Process. In: Vasant, P., Zelinka, I., Weber, GW. (eds) Intelligent Computing and Optimization. ICO 2019. Advances in Intelligent Systems and Computing, vol 1072. Springer, Cham. https://doi.org/10.1007/978-3-030-33585-4_51

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