APPLYING DATA ANALYTICS IN AUDITING FINANCIAL STATEMENTS IN COMPLIANCE WITH VIETNAMESE AUDITING STANDARDS

Abstract

This study analyzes the role and effectiveness of applying Audit Data Analytics (ADA) in the practical context of financial statement auditing through hands-on exercises using simulated data from the course “Simulated Financial Statement Audit.” By applying ADA to examine the revenue item and the associated cost of goods sold, the study demonstrates that this method supports auditors in detecting anomalies and enhances the accuracy and quality of audit evidence. The practice results affirm the potential of ADA in streamlining the audit process, even when performed on simulated data. Based on this analysis, the research group proposes several training approaches, such as strengthening the application of technology, organizing intensive practical sessions, and developing students’ data competencies to better prepare them for auditing requirements aligned with the current trends of digital transformation