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 1MCQ
To determine
Identify where the analytical techniques cannot be implemented by the individuals building teams.
Expert Solution & Answer
Answer to Problem 1MCQ
Option c.
Explanation of Solution
Under the guidance of the chief audit executive (CAE) or another manager, these individuals build teams to develop and implement analytical techniques to aid the following audits:
- Process efficiency and effectiveness.
- Governance, risk, and compliance, including internal controls effectiveness.
- Information technology and information systems audits.
- Forensic audits in the case of fraud.
- Support for the financial statement audit.
Justification for correct and incorrect answer:
a.
This is not the correct choice as these individuals build teams to develop and implement analytical techniques to aid all of the following audits except tax compliance.
b.
This option is an incorrect option because all these factors are included in the audits which are aided by the individuals who build teams to develop and implement analytical techniques.
c.
Under the guidance of the Chief Audit Executive (CAE) or another manager, these individuals build teams to develop and implement analytical techniques to aid all of the following audits except tax compliance. Thus, this option is correct.
d.
This is an incorrect option because these individuals build teams to develop and implement analytical techniques to aid all of the following audits except tax compliance and support for the financial statement audit.
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Using your selected objective, create an
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Group of answer choices
a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting.
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An audit strategy memorandum containsa. Specifications of auditing standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statements under audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusions reached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.
Chapter 5 Solutions
Data Analytics For Accounting
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