CAATs are automated scripts that can be used to validate data, test controls, and enable substantive testing

Question:

CAATs are automated scripts that can be used to validate data, test controls, and enable substantive testing of transaction details or account balances and generate supporting evidence for the audit. What does CAAT stand for?

a. Computer-aided audit techniques.

b. Computer-assisted audit techniques.

c. Computerized audit and accounting techniques.

d. Computerized audit aids and tests.

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

Step by Step Answer:

Related Book For answer-question

Data Analytics For Accounting

ISBN: 9781264444908

3rd Edition

Authors: Vernon Richardson

See More Books

Question Posted: Jun 27, 2023 09:07 AM

See More Questions

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...
Hi there , I need help. for my work i need a relevant and well written introduction as well as conclusion to the following below. My work is complete i just need a introduction and conclusion please...
Job descriptions: In determining who will be responsible for what duties, you are to compile a Job description for the Assistant Front Office Manager, The Front Desk Agent, The Reservations Agent and...
What were the measures taken by Alex to pinpoint the bottleneck in the factory's operations, and subsequently, how did he capitalize on and enhance the bottleneck production? Task: Herbie, the boy...
Sandra Company and Nova Inc. each signed lease agreements on January 1, 2014. Novas lease qualified for capital lease treatment, but Sandras lease did not. All other information for both companies is...
Pizza Express Inc. began the 2018 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during...
Match the measures of worth in the first column with one (or more) of the analysis approaches that is (are) appropriate for that measure. Measure of Worth (a) Annual Worth (b) External Rate of Return...
The following trial balance of Oakley Co. does not balance. Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the...
You are contemplating whether you should start your own business. You expect that the first year this new business will receive $100,000 in revenue, and incur a cost of $80,000. You will have to...
You are thinking about buying a call option with a strike price of $50 which expires in 2 years (t=2). The underlying asset is currently valued at $50 and is expected to follow a binomial process as...
What describes finding correspondences between at least two types of text or entries that may not match perfectly? a. Incomplete linkages b. Algorithmic matching c. Fuzzy matching d. Incomplete...
The determinants for sample size include all of the following except: a. Confidence level. b. Tolerable misstatement. c. Potential risk of account. d. Estimated misstatement.
Fireside Corporation is organized into four operating segments. The internal reporting system generated the following segment information: The company incurred additional operating expenses (of a...
A refrigerator sold for $500. The store financed it by charging 0.5 percent monthly interest on the unpaid balance. If the refrigerator is paid for with 30 equal end-of-month payments, a. what will...
Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 6 percent per year payable quarterly. Leann owned the bond for 3 years. The first interest payment she received was 3...
With interest at 6 percent compounded annually, what is the fewest number of years (integer-valued) required for money to triple in magnitude?
You wish to purchase a $$1$,000 bond from a friend who needs the money. There are 7 years remaining until the bond matures, and interest payments are quarterly. You decide to offer $$750.08$ for...
At what interest rate will money a. double itself in 10 years? b. triple itself in 10 years? c. quadruple itself in 10 years?
Single-rate method, budgeted versus actual costs and quantities. Chocolat Inc. is a producer of premium chocolate based in Owen Sound. The company has a separate division for each of its two...
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
Each activity/task can only be assigned to one pool or lane. Why is that an important rule?
Assume that your company has BPMN diagrams of all their main processes. How could they use this information?
Describe some situations that might lead you to conclude that a BPMN diagram is not complete?
New project analysis 7. If using the 15th edition of the text (or an earlier edition), refer to the Web Tax Appendix to correctly answer this question. Heskel Inc. is considering a new investment...
If an elevated AD account gets deleted due to inactivity (stale), can it be restored? a) Yes, all AD accounts can be restored. b) No, all AD accounts must be re-created once they are deleted. c) No,...
What is a Ghost Card in the context of E-Payables? What is a Ghost Card in the context of E-Payables? A card used for making anonymous payments. A physical card used for making payments. A digital...

CAATs are automated scripts that can be used to validate data, test controls, and enable substantive testing

Question:

Step by Step Answer:

b Compu...View the full answer

Data Analytics For Accounting

Students also viewed these Business questions