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 6, Problem 5MCQ
To determine
Identify the choice which defines the abbreviation CAAT.
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How can Embedded Audit Modules in software be utilized in an audit?
A primary advantage of using CAATs in the audit of an advanced computerized system is that it enables the auditor toa. Substantiate the accuracy of data through self-checking digits and hash totals.b. Utilize the speed and accuracy of the computer.c. Verify the performance of machine operations that leave visible evidence of the occurrence.d. Gather and store large amounts of supportive audit evidence in machine-readable form.
Exactly what is the advantage of using Generalized Audit Software during an audit?
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- List the management reports and computer files that can be used for audit evidence. What information in them can be useful to auditors?arrow_forwardComputer-assisted Audit Techniques (CAATs) are imperative tools for auditors to conduct an audit in accordance with heightened auditing standards. Discuss the above statement explaining: The role of internal auditors according to auditing standards. and Different approaches to apply CAATs.arrow_forwardDescribe the procedures typically performed when conducting an IT audit related to: a. Systems Development b. Business Continuity Planning/Disaster Recovery Planningarrow_forward
- Explain the link between application controls and the audit goals for transaction-related audits.arrow_forwardAn audit procedure that involves taking a sample of recorded transactions and obtaining original source documents supporting the recorded transactions is referred to as what? a. vouching b. directional testing c. a walk-through d. tracingarrow_forwardExplain the terms 'audit software' and 'test data' and list the advantages of using CAATs in an audit.arrow_forward
- Explain the following: A: The significance of audit data analytics B: Audit standards and data analyticsarrow_forwardWhich of the following is NOT an audit technique for auditing computerized AIS? a. Continuous auditing b. All of the above are techniques used to audit computerized AIS c. parallel simulation d. Use of specialized control softwarearrow_forwardOutline 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_forward
- A CIS environment exists when a computer of any type o. size is involved in the processing of an entity's financial information. If an auditor is involved in the configuration and system development prior to the implementation, is the financial information is considered reliable and free from error?arrow_forwardExplain the purposes and benefits of audit documentation software.arrow_forwardExplain what is Audit data analytics in external Auditarrow_forward
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