Data Science for Audit- Dividend Income Testing
Originally published: 11/12/2018 13:25
Publication number: ELQ-13765-1
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Data Science for Audit- Dividend Income Testing

Data Science for Audit, Testing Dividend Income Using Python

Description
Dividend Income testing some time consume a significant amount of time of an auditor. Auditors prefer to check dividend rates of a portfolio of investment announced during the financial year to a third party, usually a reliable website, such as Yahoo Finance.

Testing one by one sample of 20 or 30 dividend rates require time and effort, python can simplify this process by clicking on “Run” button, in a minute you will get hundreds of dividends rates. These rates can be saved into an Excel/CSV file, so it could further save some time as most audit papers are excel based.

PS. The template is using Yahoo Finance API which could be changed in the future and as the result disrupt the flow of data obtaining process.
I have made a video that will show you how to use this template and how you can benefit from using python scripts. Few amendments required such as dates, as you would be using different financial year, your file name for yahoo finance codes and the name of your preferred choice to save the data.

The video will explain everything you need to obtain data from Yahoo Finance.

This template can be used in many audit engagements and could save a significant amount of time at the firm level.

This Best Practice includes
1 Python Script Template

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