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 6, Problem 10MCQ
To determine
Identify the type of analysis which would help auditors find missing checks.
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an introduction about the effect of artificial inteligence on audit
When searching for the root cause of issues, auditors are effectively searching for the source of variation, which are often grouped into categories, which categories is not included.
a. machines
b. measurements
c. system
d. people
Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of functions examine a data flow diagram or system flowchart. Why.
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- Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Written data versus verbal conversation records.arrow_forwardEvaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources.arrow_forwardEvaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data obtained from original documents versus electronic scans.arrow_forward
- Generally, which of the following audit procedures is the least expensive to perform? A. Analytical procedures B. Tests of details of balance C. Substantive tests of transactions D. Tests of controls E. Risk assessment procedurearrow_forwardWhat is lapping? How can it be detected by an auditor and how can it be prevented?arrow_forwardEvaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data obtained from direct versus indirect methods.arrow_forward
- If detective controls signal error flags, why shouldn’t this type of controls automatically make a correction in the identified errors? Why are corrective controls necessary?arrow_forwardWhen using test data, why are audit teams required to prepare only one transaction to test each IT control?a. The speed and efficiency of the computer results in reduced sample sizes.b. The risk of misstatement is typically lower in an IT environment.c. Audit teams generally perform more extensive substantive testing in an IT environment, resulting in less need to test processing controls.d. In an IT environment, each transaction is handled in an identical manner.arrow_forwardGenerally, which of the following audit procedures is the least expensive to perform? A. Analytical procedures B. Tests of details of balance C. Substantive tests of transactions D. Tests of controls E. Risk assessment proceduresarrow_forward
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