Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 3P
To determine
Identify who developed the audit data standards. Also explain why it is the right group to develop and maintain instead of Big 4 firms or a small practitioner.
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What challenges do auditors face when using big data, data analytics and new technologies during an audit?
Which of the following are common issues with benchmarking tool used by internal auditors?
Benchmarking need face-to-face contact or discussion with other organizations
O Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations.
Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting
O Typical metrics used in benchmarking are time, quality, and cost
Explain how SOX has affected audit firms.
Chapter 5 Solutions
Data Analytics For Accounting
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Similar questions
- Which of the following statements is most accurate? a. ERP systems are commercial software packages that are sometimes called turnkey systems because they can be implemented by the user with little or no modification. b. Substantive tests provide evidence focused on the system controls. c. Public accounting firms that provide attest services are not allowed under SOX to offer IT advisory services. d. Both small and large firms that have standardized information needs are potential customers for commercial software. e. External auditors may rely on the work of internal auditors only if they report to the controller or the CEO of the client company.arrow_forwardThe audit team is currently debating whether they should be using static or dynamic reports. Which phase are they most likely in? a. Perform the Analysis b. Master the Data c. Share the story d. Ask the Questionarrow_forward23. Which of the following are common issues with benchmarking tool used by internal auditors? Group of answer choices Benchmarking information is often proprietary and organizations are reluctant to share it with other organizations. Benchmarking need face-to-face contact or discussion with other organizations Benchmarking can show areas of excellence within the organization but internal audits should focus on exception-based reporting Typical metrics used in benchmarking are time, quality, and costarrow_forward
- Why do we consider risk assessment the foundation of the internal audit function? To safeguard independence, many internal audit departments continue to perform risk assessments in a silo, without collaborating with and leveraging the work of ERM. Do you agree with this approach?arrow_forwardIf a firm decides early to go with a special-purpose system, such as SAP, based upon the recommendations of the external audit firm, should the SDLC be bypassed?arrow_forwardSince information systems often involve advanced technologies that are beyond the knowledge level of typical users, should users play an active role in the SDLC? If so, how should they be involved? How can the accountant be involved?arrow_forward
- What are 3 specific ways in which big data, data analytics and new technologies can enhance external audits. how does each of the three ways improve the effectiveness and efficiency of the audit. What challenges do auditors face when using big data, data analytics and new technologies during an audit?arrow_forwardYou have been approached by the financial institutions DatabankFinancial Services Limited and Blackstar holdings limited to be theirauditors.a. Iterate the factors that can heighten ‘engagement risk’ as auditorsfor either of this companies and what kind of information youwill require to guide your decision.b. Assuming you consider a risk-based strategy as an effective auditstrategy for executing your mandate, what are the probable areasof risk you will focus on and how will you test for them?arrow_forwardExplain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to do?arrow_forward
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