Question: An auditor is considering choosing an ADA tool for performing a risk assessment procedure. Which of the following best describes the requirements in the auditing

An auditor is considering choosing an ADA tool for performing a risk assessment procedure. Which of the following best describes the requirements in the auditing standards?

Multiple Choice

The auditing standards prohibit the use of artificial intelligence in risk assessment.

The ASB and PCAOB standards provide a uniformly agreed upon and updated listing of allowable tools for audits of issuers.

The auditing standards do not specifically address the tools auditors may use in performing the audit.

The AICPA Guide to Audit Data Analytics lists the technology tools which are allowed for audits of nonissuers.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please see the attachment for questions on the Exam. INSTRUCTIONS This is an open book exam. You are allowed to use any of the week 1-3 materials (readings, lectures, discussion postings). You cannot...

Need multiple choice answers by noon November 20th ACCT 436 SECTION 7980 INTERNAL AUDITING EXAM 1 INSTRUCTOR: MR. STEVEN ULMER INSTRUCTIONS This is an open book exam. You can use any of the week 1-3...

Internal Auditing, it's a multiple question exam. Please, I will appreciate a quick response. ACCT 436 SECTION 6380 INTERNAL AUDITING EXAM 1 INSTRUCTOR: MR. STEVEN ULMER INSTRUCTIONS This is an open...

NOTRE DAME OF MIDSAYAP COLLEGE Midsayap, Cotabato COLLEGE OF BUSINESS AND ACCOUNTANCY SUBJECT: BSA 305 AUDITING AND ASSURANCE PRINCIPLES INSTRUCTOR: HAMOD M. GULIDTEM, CPA DRILL CHAPTER 1 1.Assurance...

Need help with the AICPA practice questions. Please return the answers for the questions ASAP. 1.The AICPA Ethics Codification includes the following sections: a. Preface, rules, and interpretations...

Theory 1. The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance Comply with state and federal regulatory requirements Assure...

ACC 640 Project One Guidelines and Rubric Competencies In this project, you will demonstrate your mastery of the following competencies: Apply Generally Accepted Auditing Standards to the audit...

61. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? a. It is difficult to prepare financial...

Many banks sell most of the mortgage loans that they originate within a few years. Assuming that a bank is not worried about default risk, why would it want to sell the mortgage loans it makes rather...

What are the chief components of the ocular examination geared specifically to the contact lens patient?

what is the total value of contract offer # 3 ? 1 , 0 1 0 , 2 8 9 immediate signing bonus

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...