Question: When performing audit data analytics ( ADA ) as a risk assessment procedure: the auditor is yet to obtain an understanding of the entity and

When performing audit data analytics

(

ADA

)

as a risk assessment procedure:

the auditor is yet to obtain an understanding of the entity and its environment the auditor will have first obtained an understanding of the entity and its environment the auditor should contact the prior auditor for assistance with this procedure the auditor will work closely with client management to confirm which risk assessment procedures they would prefer the auditor conduct

When performing audit data analytics ( ADA ) as a

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!

A notable item is an item identified, from the population being analyzed, that has one or more characteristics that for relevant assertions, may: A. Be indicative of a risk of material misstatement...

11. It is important for an auditor to understand a public companys system of internal control in order to: audit internal control over financial reporting. make a preliminary assessment of control...

Identify and briefly describe the five steps of performing ADA and place them in the proper order. Provide two examples of items that "Do Not Fit the Auditor's Expectation" per the risk analysis...

1) The concept of testing at an interim date relates to _______. a) testing at year-end. b) testing at a point before year-end. c) testing after year-end. d) None of these answer choices is correct....

The extent of substantive procedures refers to A. how much testing will be performed outside of a class of transactions or account balance B. how much testing will be performed within a class of...

3. You have performed an audit data analytics (ADA) procedure and documented notable items. How would you address the notable items? a) When few exceptions are identified, the auditor may be able to...

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...

1. The purpose of risk assessment procedures is to a. Obtain an understanding of the entity and its environment b. Reduce detection risk c. Evaluate management ability d. Determine the operating...

Need help with this! Need to do the excel work on this Analytical review Golden Big Burgers Part I: Background Golden Big Burgers (GB) is a hamburger food chain with 20 locations operating solely in...

There are approximately 113 million television households in the United States. A ratings service would like to know, within 5 percentage points and with 95% confidence, the percentage of these...

Trace Company, an electronics component manufacturer, is located in the United States. On 1/1/20x1, Trace Company paid $50 per share to acquire an 18% interest in the outstanding common shares of...

Add brief paragraph for discussion or future work/learning derived from the following queries # What is the average monthly stock price for a particular company over the Last year? query1 = "SELECT...

Solve B. 6a2-23a +20. a +2 2a2-a-10 2a-5