Excel Project: Using Benford’s Law to Detect Potential Disbursements Fraud.*Requireda. Rea...

Excel Project: Using Benford’s Law to Detect Potential Disbursements Fraud.*

Required

a. Read the article “Using Spreadsheets and Benford’s Law to Test Accounting Data,” by Mark G. Simkin in the ISACA Journal, Vol. 1, 2010, available at www.isaca.org.

b. Follow the steps in the article to analyze the following set of supplier invoices:

Invoice Number	Amount
2345	$7,845
2346	$2,977
2347	$1,395
2348	$3,455
2349	$7,733
2350	$1,455
2351	$6,239
2352	$2,573
2353	$1,862
2354	$1,933
2355	$7,531
2356	$4,400
2357	$5,822
2358	$7,925
2359	$2,100
2360	$8,256
2361	$1,863
2362	$3,375
2363	$6,221
2364	$1,799
2365	$1,450
2366	$7,925
2367	$2,839
2368	$1,588
2369	$2,267
2370	$7,890
2371	$7,945
2372	$1,724
2373	$9,311
2374	$4,719

Hint: You may need to use the VALUE function to transform the results of using the LEFT function to parse the lead digit in each invoice amount.

*Life-long learning opportunity: see p. xxii in preface.