Based on your findings, do you recommend adopting Data Analytics or waiting for further research?

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: (Audit) When we are looking for completeness how do we match them up?

A: Audit is the term which is used in accounts and it is defined as examination of the different books…

Q: In other words, does the audit opinion extend to "other data"? I'd want to know more.

A: The term "audit" refers to the practice of examining a company's financial statements to see whether…

Q: Why is it important to complement intuition with systematic study?

A: Organizational behaviour is the study of understanding how people behave within groups. The…

Q: Explain Audit data analytics in risk assurance

A: Audit analytics is the analytics of audit data  often through the use of technology. It involves…

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

Q: What risk creates a demand for independent and objective outsiders to provide assurance to decision…

A: The assurance individuals aim to mitigate the risk of errors in the financial statements and improve…

Q: In your own words, describe ETF’s historical performance. Explain whether it has successfully beaten…

A: An ETF is a collection of assets whose shares are traded on a stock market. They combine the…

Q: The audit team is currently debating whether they should be using static or dynamic reports. Which…

A: Static and Dynamic Audit Report Static reports have a particular importance because they are based…

Q: Do the auditors have a specific goal in mind?

A: Definition: Auditing is a systematic procedure in which an auditor reviews financial statements,…

Q: What recommendations will you give to prevent fraud?

A: Fraud is an unethical activity performed against an organization's policy in order to take personal…

Q: What are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: EXPLAIN AND WHAT KIND OF  RISK ASSESSMENTS   FACING BY AUDITOER OR AUDITING?

A: Risk assessment is a crucial part of the auditing process as it defines which procedures need to be…

Q: Discuss the following characteristics of reliable evidence using your own examples…

A: Reliable Audit Evidence: The trustworthiness of evidence is determined by the type and source of the…

Q: following: A: The significance of audit data analytics B: Audit standards and

A: The Data analytics played any important role because audit reason independent examination of data so…

Q: Which of the following phrases might be useful in writing the purpose statement for your formal…

A: The correct answers are:The report determinesThe research explainsThis report justifiesWe analyze…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: Summarizing data to understand what has happened is what type of analytics?   Multiple Choice…

A: Data analytics is one of the important aspect used by companies to make the data useful and…

Q: Discuss and explain the sub-processes of risk management

A: Risk management refers to those processes and steps which a finance manager undertakes to reduce the…

Q: operational audit

A: Operational audit is the type of audit service that the review is mainly focused on the key…

Q: t is “inquiry” and “observation” procedures? Give the strengths and weaknesses of these tests?

A: This method is often used in conjunction with other, more reliable method. For example, an auditor…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

Q: Identify the most important reasons for performing analytical procedures

A:

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: 1 What sources of information can auditors use in connection with deciding whether to accept a…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: What are some suggestions for risk management, typical response tactics, and IT system recovery…

A: Risk management:  A system of people, processes, and technology called risk management helps a…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: Define predictive analytics and provide an illustration of its potential use in the real world.

A: Predictive analytics uses past events to anticipate the future by using a variety of statistical…