Answered: Define and explain the following: A:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Define and explain the following:

A: Audit data analytics

B: Audit data analytics procedures.

Expert Solution

Step 1 Introduction

An audit consists of a review or inspection of several books of accounts carried out by an auditor, which is then followed by physical verification of inventories to ensure that all departments are adhering to a defined method of documenting transactions. This is done to determine whether or not the financial statements that were submitted by the organization were accurate.

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