Final answer:
Data Analytics enhances the auditing function by improving efficiency and effectiveness while reducing the time auditors spend on audit tasks. It allows for better focus on high-risk areas and provides deep insights into financial data.
Step-by-step explanation:
Data Analytics can be applied to the auditing function to improve the efficiency and effectiveness of the audit, while reducing the time the auditor dedicates to the audit tasks. By leveraging large datasets and various analytical tools, auditors can identify patterns, anomalies, and trends that might indicate potential areas of risk or concern. This not only enhances the audit process by allowing auditors to focus their efforts on higher-risk areas but also adds value to the audit by providing deeper insights into the financial data.