DATA ANALY ACCT + CONNECT LL
1st Edition
ISBN: 9781266167867
Author: RICHARDSON
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Question
Chapter 6, Problem 5DQ
To determine
Explain why seeing the extreme value is helpful for evaluation of the accuracy and completeness and how it helps in potential location of errors and fraud.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Why do you believe that data can be inaccurate?
What is meant by data mining, and why must technical analysts be careful not to engage in it?
Which of the following is not a cause of mistakes in model building?
Choices:
A.Sub-optimal choice of functions
B.Overconfidence, lack of checking and time constraints
C.Inability to use logical functions
D.Insufficient use of general best practices relating to flow, formatting and audit paths
E.All of the choices are causes of mistakes
Knowledge Booster
Similar questions
- Some firms do not think they need to invest time and resources in data analytics because they believe that AIS reporting is more than sufficient. Explain some of the benefits of using data analytics.arrow_forwardExplain why auditing is important in lowering the risk associated with information.arrow_forwardHow do counterbalancing errors differ from noncounterbalancing errors?arrow_forward
- Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the expectation gap.arrow_forwardIn scanning environment, why the strategic auditor focuses more on external environment rather than internal environment? Is it wise or not? Why?arrow_forwardWhat are analytical procedures, and why are they a useful audit tool?arrow_forward
- Why are external documents considered more reliable evidence than internal documents? What aspects of internal documents would help to increase their reliability?arrow_forwardEvaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources.arrow_forwardCompare the designs of your choice of two internal controls. Determine which is the preferred design for the implementation of internal controls and why it is more likely to detect accounting irregularities. Provide at least two reasons why the preferred design for internal controls is more effective than the other design. Provide a rational for your choice.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningBusiness/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage
- Business Its Legal Ethical & Global EnvironmentAccountingISBN:9781305224414Author:JENNINGSPublisher:Cengage
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
Business Its Legal Ethical & Global Environment
Accounting
ISBN:9781305224414
Author:JENNINGS
Publisher:Cengage