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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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1: Explain Audit data analytics in risk assurance

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Audit Data Analytics means reviewing audit-related information by using technology. Large files or numbers are analyzed with the help of data analytics in real time. Data analytics can help improve the quality of the whole auditing process (from planning to reporting) by providing better analysis of the complex and large amount of data which is easy to understand by the auditors and other stakeholders.

Risk Assurance means applying checks and internal controls in the organization to detect, measure, and manage risk more effectively and timely for the smooth running of the business.

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