Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 3P
To determine
Identify who developed the audit data standards. Also explain why it is the right group to develop and maintain instead of Big 4 firms or a small practitioner.
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What is meant by data mining, and why must technical analysts be careful not to engage in it?
Since information systems often involve advanced technologies that are beyond the knowledge level of typical users, should users play an active role in the SDLC? If so, how should they be involved? How can the accountant be involved?
Why continuous auditing is growing in popularity?
Chapter 5 Solutions
Data Analytics For Accounting
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Similar questions
- How has this concept developed? How has the accounting information system and other technologies opened up the opportunity for continuous auditing? What is involved in calculating the costs and benefits of continuous auditing? What other technologies will be available to make the cost benefit of continuous auditing a reality for companies? What will this do to the future of the auditor?arrow_forwardWho will benefit from an audit strategy memo? Is there anything specific that needs to be included?arrow_forwardHow would you assess the level of capabilities of Stop & Shop's use of analytics? What might the company do differently with the data to gain more value?arrow_forward
- If a firm decides early to go with a special-purpose system, such as SAP, based upon the recommendations of the external audit firm, should the SDLC be bypassed?arrow_forwardThe audit team is currently debating whether they should be using static or dynamic reports. Which phase are they most likely in? a. Perform the Analysis b. Master the Data c. Share the story d. Ask the Questionarrow_forward
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