Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

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Answer 1

Question

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

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Answer 2

Question

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

Expert Solution & Answer

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Answer 3

Question

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

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Answer 4

Question

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

Answer 6

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

Answer 7

Chapter 16, Problem 26DQP

a.

To determine

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

Answer 8

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

Answer 9

b.

To determine

Describe how data visualization could be used in the audit of the sales and collection cycle.

Answer 10

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

Answer 11

c.

To determine

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 16 - Prob. 1RQ Ch. 16 - Prob. 2RQ Ch. 16 - Prob. 3RQ Ch. 16 - Prob. 4RQ Ch. 16 - Explain why you agree or disagree with the...Ch. 16 - Prob. 6RQ Ch. 16 - Prob. 7RQ Ch. 16 - Prob. 8RQ Ch. 16 - Prob. 9RQ Ch. 16 - Prob. 10RQ

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

Explain the term “audit by exception” and how does it differ from a traditional audit approach using statistical sampling. Also, explain the way through which an auditor identify the exceptions.

Describe how data visualization could be used in the audit of the sales and collection cycle.

Determine one of the methods identified by the authors as emerging approaches, for example block chain or deep learning, and discuss how an auditor might test one of the accounts receivable balance-related audit objectives using this method.

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Chapter 16 Solutions