What are the fundamental steps an auditor needs to consider when using audit data analytics (ADAs) as

Question:

What are the fundamental steps an auditor needs to consider when using audit data analytics (ADAs) as an audit evidence–gathering tool?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Auditing And Assurance Services An Integrated Approach

ISBN: 9780137879199

18th Edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

See More Books

Question Posted: Jun 25, 2023 03:33 AM

See More Questions

1. Identify the phrase that best defines audit data analytics (ADAs). a Science and art of discovering and analyzing patterns, identifying anomalies, and extracting other useful information in data...
Exercising professional judgment and professional skepticism when using audit data analytics is particularly important. Which of these statements is incorrect? a Deciding which audit data analytics...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Prepare budgetary and proprietary journal entries to record the following year- end adjustments: 1. An accrual of $ 60,000 was made for salaries earned the last week of September, to be paid in...
Under what circumstances would an auditor give an adverse opinion on the effectiveness of an entitys ICFR?
Barden, Inc., operates a retail chain that specializes in baby clothes and accessories that are made to its specifications by a number of overseas manufacturers. Barden began operations in 2008 and...
Panther Racing, LLC, is involved in competitive racing, including the development, maintenance, and operation of a racing team in the IndyCar series. Beginning in 2008, the National Guard annually...
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 2014, are as follows: Common Stock , $5...
Table 17-4 Features of alternative security issues Common Stock Preferred Stock Bonds 1.Ownership and control of the firm Belongs to common stockholders through voting rights and residual claim to...
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A Period Ending June 1/23 Dec. 1/23 Dec. 1/29 June 1/30...
Define what is meant by a management assertion about financial statements. Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.
Explain the five elements that are part of a strategic understanding of the clients business.
From the provided study descriptions, state whether the study was experimental or observational. a) A researcher is carrying out a study on the reliability of four different solar systems. She has...
Brembo, an Italian automotive braking-systems supplier, announced that it was going to split the stock 5-for-1. Brambilla Fumagalli owns 100 shares of the company, which he had purchased for 40 per...
The Motor Corporation sold vehicles for $500,000 to one specific dealer during the year. At the end of the financial year, the dealer still owed The Motor Corporation $350,000. The cost of the...
Dream Cakes bought some baking ingredients costing $12,500 on credit. The credit terms are 2.5/5 net 30 EOM. If Dream Cakes pays the invoice within 5 days after the purchase, how much should it pay?...
Barnes Limiteds most recent dividend was 2.20 per share, its expected annual rate of dividend growth is 5%, and the required return is 12%. Its management is considering a variety of proposals to...
There is a renewed interest in the extent to which government regulations can be incorporated in corporate governance and financial markets and institutions. There are various arguments both in favor...
Provide an example of an asset that bears a negative implicit tax and carefully explain why the asset bears a negative implicit tax.
What do you think?
The chapter vignette "Asset Misappropriation Collusion at Koss Corporation" on page 314 highlights the fraud at Koss Corporation, where the principal accounting officer, Sujata ("Sue") Sachdeva,...
This problem requires you to access PCAOB Auditing Standards (pcaobus.org) to answer each of the following questions. You can access those standards by viewing content found under the link...
Identify risks for extensive IT-based accounting systems.
= A car (mass 1150 kg) is traveling at 28.9 m/s when it collides head-on with a sport utility vehicle (mass = 2270 kg) traveling in the opposite direction. In the collision, the two vehicles come to...
A 3.00-kg ball, moving to the right at a velocity of +3.50 m/s on a frictionless table, collides head-on with a stationary 7.90-kg ball. Find the final velocities of (a) the 3.00-kg ball and of (b)...
Analyze the advantages and drawbacks of the Earliest Deadline First (EDF) scheduling algorithm in real-time systems, emphasizing its role in meeting stringent timing requirements and potential...

What are the fundamental steps an auditor needs to consider when using audit data analytics (ADAs) as

Question:

Step by Step Answer:

ANSWER When using audit data analytics ADAs as an audit evidencegathering tool auditors should consider the following fundamental steps 1Planning Defi...View the full answer

Auditing And Assurance Services An Integrated Approach

Students also viewed these Business questions