Explain why Benford’s Law is useful to auditors in the detection of fraud.
Answer to relevant QuestionsExplain the necessity for performing substantive testing even for audit clients with strong internal controls and sophisticated IT systems.From an internal control perspective, discuss the advantages and disadvantages of using IT-based accounting systems.Explain why it is customary to complete the testing of general controls before testing application controls. Distinguish between the various service organization controls (SOC) reporting options available to auditors who evaluate cloud computing service providers. Identify and distinguish between the three types of IT systems used in the sales process.
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