Python in Audit - Testing Listed Investments
Originally published: 29/12/2020 11:07
Last version published: 23/01/2021 08:36
Publication number: ELQ-42181-2
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Python in Audit - Testing Listed Investments

Listed Investments testing using python

Listed investments testing generally starts with selecting samples in a financial year and then checking online reliable website such as yahoo finance to confirm the investment closing prices at year-end. The expectation is client investment price will match with auditor tested price.

This is repetitive process require labour work, where all samples are checked against online price copy and paste into excel for documentation, taking the difference between auditor price and client price, and if there is a difference, is it more material etc.

The attached code aims to create a working paper for you, all you need is to provide client provided schedule that lists all investments, prices at year-end etc. and it will create a working paper including differences, and highlight if the difference is above materiality.

A detailed explanatory video is attached it is highly recommended to view this video to see how to use the template. If you don't have local python installation you can use jupyter notebook, you can use any cloud-based notebooks such as google Colab to copy and paste first in the notebook cell and then run.

The code is provided for educational purposes, the author will not accept any liabilities, express or implied for any loss or adverse consequences, financial or non-financial.

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To improve audit quality

Python libraries working as expected

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