Hayden Corp. uses an enterprise resource planning (ERP) system. In their audit of receivables and revenues, the auditors have identified the following data elements in the corporation’s database that may be used for data analytics applications:
Customer balance
Customer credit limit and credit rating
Customer total annual sales
Customer purchases by date
Customer returns by date
Customer name
Customer shipping address
a. Describe two data analytic applications that might be used to audit the existence of receivables and occurrence of sales.
b. Describe one data analytic application that might be used to audit the valuation of receivables.