Audit Data Analytics - also called ADA - are an increasing part of auditing. Please list...
Audit Data Analytics - also called ADA - are an increasing part of auditing. Please list the audit phases in which ADA can be used, with a short phrase as to the purpose (e.g. used in Phase 2 to help with XYZ).... no more than 5 phases with a short phrase each.
Homework Answers
Selction Phase :In this phase Data Analtics can be used to decide as to which palce should be opted for Auditing if there are large areas to be audited for accuracy.Data Analytics gives us the summarized version of data inform of various correlations ,data comparisions.
Planning Phase : This phase involves a series of discussions with the auditors ,stake holders for their satisfaction and the approach to audit to provide risk free and testifying legal & ethical creditials which uses less data analyticals.
Execution Phase : This phase requires a systematic Data Analtics approach for fast & accourate results ,as chances of finding frauds and errors is possible if automized with modern data analytics techniques.
Reporting and Follow Up phase also requires Data Analtics as Reportings should in a clear and understanding way for not to repeat the same mistakes twices and for decision making as well as to systemize auditing in the following years.
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Audit Data Analytics - also called ADA - are an increasing part
of auditing. Please list...
In no more than 3 sentences, discuss how we INTEGRATE the various phases of the audit...
In no more than 3 sentences, discuss how we INTEGRATE the various phases of the audit and the TIMING of each phase. 1) Which phases can be done (in full or in part) BEFORE the beginning of the year under audit? 2) Which phases can or likely need to be changed after the planning phase - explain at least one reason why? 3) Which phases can or likely will be done (in full or in part) AFTER the fiscal year...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling,...
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Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require...
Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require analytical procedures at two stages during the audit: at the risk assessment (planning) phase and again at the end of the audit. They are optionally used as a substantive procedure during the course of an audit. CONCEPT REVIEW: While analytical procedures are similar in structure in both phases (or substantive testing, if used) of the audit, they have different purposes and often different conclusions....
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a pro...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a procedure can you determine if it is an analytical procedure, work performed at interim, etc.) Understanding the audit risk model- what it means to asses risk as high, moderate, low, or maximum. (Do you do more or less work) (If I change one part of the formula...
Discuss the importance of regular expressions in data analytics. Also, discuss the differences between the types...
Discuss the importance of regular expressions in data analytics. Also, discuss the differences between the types of regular expressions. Choose two types of regular expressions... For example: [brackets] (Matches the enclosed characters in any order anywhere in a string), and * wildcards (Matches the preceding character 0 or more times) and discuss the differences between the two. Please be sure to include two or three differences for each and include how they help manipulate data. Need 300 words with no...
You are a trainee auditor and work for an audit firm in Hong Kong called Admiralty...
You are a trainee auditor and work for an audit firm in Hong Kong called Admiralty Partners. It is the middle of January and you are auditing at your client, Angel Ltd. a company which sells products to customers on credit. Your manager has asked you to perform the substantive audit testing of trade receivables at Angel Ltd. While you are at Angel Ltd. the managing director asks to see you. She would like to know some detail of what...
You are a trainee auditor and work for an audit firm in Hong Kong called Admiralty...
You are a trainee auditor and work for an audit firm in Hong Kong called Admiralty Partners. It is the middle of January and you are auditing at your client, Angel Ltd. a company which sells products to customers on credit. Your manager has asked you to perform the substantive audit testing of trade receivables at Angel Ltd. While you are at Angel Ltd. the managing director asks to see you. She would like to know some detail of what...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed...
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PART 1: A) True and false questions, 20 points. For each statement indicate if the statement...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External...
3) Role of internal audit function
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Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require analytical procedures at two stages during the audit: at the risk assessment (planning) phase and again at the end of the audit. They are optionally used as a substantive procedure during the course of an audit. CONCEPT REVIEW: While analytical procedures are similar in structure in both phases (or substantive testing, if used) of the audit, they have different purposes and often different conclusions....
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
3) Role of internal audit function
30 Chapter 1: Auditing and Internal Contrel Management ii External auditor i Internal audit To whom should the Director of Internal Audits report. Explain your answer. Comment on the audit committee member's per- spective as to the committee's current composition. 3. Role of Internal Audit Function Nano Circuits Inc. is a publicly traded company that pro- duces electronic control circuits, which are used in many products. In an effort to comply with SOx, Nano...
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