Question: Audit data analytics is the process of transforming large amounts of raw data into useful information for the purpose of identifying patterns and irregularities in

Audit data analytics is the process of transforming large amounts of raw data into useful information for the purpose of identifying patterns and irregularities in the audit. Audit data analytics would be least useful in

a. Planning the audit for a new client.

b. Performing substantive procedures when the reliability of internal data is questionable.

c. Performing risk assessment procedures when inherent risks are high.

d. Forming a conclusion on the audit of a client that operates in a volatile industry.

Step by Step Solution

★★★★★

3.43 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The detailed answer for the above question is provided below Audit data analytics is a valuable tool ... View full answer

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!

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...

QUESTION: 1) CAREFULLY READ THE PROJECT BELOW AND FOLLOW THE POWERPOINT GUIDE ON PROJECT QUALITY MANAGEMENT 2) INPUT EVERY INFORMATION IN THE PROJECT BELOW INTO THIS FORMAT PROJECT INTRODUCTION...

Read the following production planning paper and summarize it: Introduction A good production plan is the foundation of success in any production firm. Production planning is a rather complicated...

Download data on a company's stock history. From this data, create scatterplots, histograms, and calculate the mean, median, and standard deviation of some data points. Write a 3-5 page report...

The resulting bar chart shows that when HMK is the AR Clerk and FKL is the Cash Receipts Clerk, CT is the GL Accounting Clerk for $226,851 of current AR balances. However, there are $25,352 of...

A. Data analytics is the process of identifying, measuring, and communicating financial information about an economic entity to various user groups within the legal, economic, political, and social...

VAX Inc. can borrow $30K for three months from a bank at an APR (Annual Percentage Rate) of 10.2%. The loan has a loan origination fee of 2.5% on the principal of the loan; paid upfront. The bank...

Show that the probability that a European call option will be exercised in a risk-neutral world is, with the notation introduced in this chapter, N(d2). What is an expression for the value of a...

xample 5 If two independent random samples of sizes 15 and 20 are ken from N(u, o), what is the probability of (st/s)

Question 1 8 2 pts Pedro has been a competitive swimmer all his life, and recently has cut back on some of his other activities to increase the time he has for aquatic training. What is Pedro's...

Anticipated sales for Safety Grip Company were 42,000 passenger car tires and 19,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car...

The following percentages apply to Thornton Company for 2018 and 2019: ___________________________________________2019 2018 Sales............................................................

Romano's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for September: ___________________________________ Units...

Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been...

On August 31, 2012, Daisy Floral Supply had a $155,000 debit balance in Accounts receivable and a $6,200 credit balance in Allowance for uncollectible accounts. During September, Daisy made Sales on...

What is a potential downfall of implementing balanced scorecards into your business? Companies think of the scorecard as a new measurement system that requires hundreds and thousands of measurements...

What are the five fundamental principles in APES 110? Who must comply with them?

Explain the difference between the two types of subsequent events. Discuss the auditor's responsibility for detecting subsequent events (a) prior to the completion of field work, (b) prior to signing...

Auditors are interested in an entitys information systems: (a) Because they consist of procedures and records to deal with transactions and maintain accountability for related assets, liabilities,...

Which kinds of advertising in which media influence you most? Why?

Who is the most outstanding leader with whom you have worked? What was his or her position and in what capacity did you work with the person? What are this persons outstanding leadership qualities?...

There is no hotter topic in business today than corporate governance, the way in which firms are controlled by management and ownership across countries. Use the following sites to view recent...