Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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Chapter 6, Problem 5DQ

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Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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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?

When 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.

1) Which of the following statements is the most accurate? a. Data analytics can be exploratory but never confirmatory. b. Data analytics allows auditors to broaden scope of their assurance activities. c. An auditor can always rely more on IT controls than manual controls. d. Application controls can always be relied on when general controls are deemed effective.

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Chapter 6, Problem 5DQ

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Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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Answer 3

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Chapter 6, Problem 5DQ

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Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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Answer 4

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Chapter 6, Problem 5DQ

To determine

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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Answer 5

Chapter 6, Problem 5DQ

To determine

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

Answer 6

Chapter 6, Problem 5DQ

To determine

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

Answer 7

Chapter 6, Problem 5DQ

To determine

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

Answer 8

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Answer 11

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 5MCQ Ch. 6 - Prob. 6MCQ Ch. 6 - Prob. 7MCQ Ch. 6 - Prob. 8MCQ Ch. 6 - Which testing approach would be useful in...Ch. 6 - Prob. 10MCQ

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

Solution Summary: The author explains that seeing the extreme value is helpful in evaluating accuracy and completeness and in potentially finding errors and fraud.

Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.

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Chapter 6 Solutions