Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 5, Problem 6P
To determine
Explain whether the traditional audit will be replaced by continuous auditing or not.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Exactly what is the advantage of using Generalized Audit Software during an audit?
1. Computer Assisted Audit Techniques (CAATs) are important tools than an IS auditor uses to gather and analyze data during an IS audit. One type of tool is the Generalized Audit Software (GAS). In your own words, how does CAATs affect the work of an IS auditor? What are the benefits of using CAATs in conducting an Audit?
2. Every organization has controls in place. Such controls must be effective. They are effective if they prevent, detect, or contain incidents and enable recovery from events that cause risks. Enumerate those three types of control and explain how these controls effectively address those events that cause risks
What are some advantages of using IT and audit software when conducting an audit?
Chapter 5 Solutions
Data Analytics For Accounting
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Outline the advantages of utilizing audit software in an audit of Discuss the potential challenges that may arise during an audit and for each challenge, propose a solution to overcome it.arrow_forwardExplain and Analyze whether or not the auditor is able to rely on previous audits' assessments of automated application controls, given the effectiveness of general controls.arrow_forwardEvaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data obtained from original documents versus electronic scans.arrow_forward
- What is the benefit of Generalized Audit Software in an audit?arrow_forwardConsider “control environment.” Why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls? Now consider “segregation of duties.” Determine why it is important in an IT environment. What are some advantages of using IT and audit software when conducting an audit?arrow_forward1) Which of the following statements is the most accurate? a. Data analytics can be exploratory but never confirmatory. b. Data analytics allows auditors to broaden scope of their assurance activities. c. An auditor can always rely more on IT controls than manual controls. d. Application controls can always be relied on when general controls are deemed effective.arrow_forward
- In performing a risk-based audit, when developing audit recommendations, the IT auditor should: a) Use Computer Assisted Audit Techniques (CAATs) to test transactions. b) Analyze the inherent risk, residual risk, and the cost of additional controls in relation to the potential for loss. c) Determine if the risk is material based solely on auditor judgement. d) Perform substantive procedures to eliminate control riskarrow_forwardWhat challenges do auditors face when using big data, data analytics and new technologies during an audit?arrow_forwardExplain the benefits of using audit engagement management software.arrow_forward
- The 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_forward1. Please explain how to Evaluate the Data Reliability When Developing Expectations. The data an auditor will use to develop expectations in the acquisition and payment cycle has been deemed reliable by the audit staff. 2. Please Discuss the likely factors the audit team will consider when making this determination.arrow_forwardHow does Real Time Processing affect an audit?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L