Exam 5: The Modern Audit and Continuous Auditing

The Audit Data Standards define common tables and fields that are needed by auditors to perform common audit tasks.The Securities and Exchange Commission,or SEC,developed these standards.

An audit plan consists solely of a methodology which directs the audit work and includes substantive testing.

Chapter 5 discusses the essential properties of working papers.With respect to data analytics,working papers should contain the following items except:

Which of the following describes an example of a production systems:

Which of the following best defines the Accounting Data Standards: Inventory Subledger?

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.________ is an abnormal transaction is not classified as problematic.

Under the guidance of the chief audit executive (CAE)or another manager,teams can develop and implement analytical techniques to aid the following audits except:

________ constantly evaluates internal controls and transactions and ________ provides the status of the system so that an auditor can know at any given time whether the system is operating within the parameters.

The evaluation of audit data may be distilled into a feasibility score.

The Order to Cash Subledger Standard focuses on sales orders,accounts receivable,shipments,invoices,cash receipts and adjustments to accounts.

Which Accounting Data Standard defines the format for files and fields as well as some master data for users and business units?

Which Accounting Data Standard focuses on sales orders,accounts receivable,shipments,invoices,cash receipts and adjustments to accounts?

Chapter 5 discusses the essential properties of working papers.With respect to data analytics,working papers should contain the following items except:

Which Accounting Data Standards ledger identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts?

Which of the following is an example of systems translator software:

Data analytics and audit automation allow auditors to occasionally monitor and ignore the systems and processes within their companies.

A data warehouse is a repository of data,including financial data,accumulated from internal and external data sources,to help management decision making.

A flat file is a single table of data with user-defined attributes.

Production systems are those active systems that collect,report,and are directly affected by current transactions.

The Inventory Subledger Standard defines product master data,location data,inventory on hand data,and inventory movement.