Question 1

The Procure to Pay Subledger Standard identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts.

Accepted Answer

A) True 
 B)False

Question 2

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is classified as problematic.

Accepted Answer

A)  False negative 
B)  True negative 
C)  True positive 
D)  False positive 
A)  False negative 
B)  True negative 
C)  True positive 
D)  False positive

Question 3

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

Accepted Answer

A)  flat file 
B)  data warehouse 
C)  homogenous system 
D)  heterogeneous system 
A)  flat file 
B)  data warehouse 
C)  homogenous system 
D)  heterogeneous system

Question 4

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

Accepted Answer

A)  work programs used to document the audit procedures to collect, manipulate, model, and evaluate data 
B)  IT-related documentation, including flowchart and process maps that provide system understanding 
C)  database maps and data dictionaries that define the location and types of data auditors will analyze 
D)  memos to future auditors documenting issues with problem members of the client's management team 
A)  work programs used to document the audit procedures to collect, manipulate, model, and evaluate data 
B)  IT-related documentation, including flowchart and process maps that provide system understanding 
C)  database maps and data dictionaries that define the location and types of data auditors will analyze 
D)  memos to future auditors documenting issues with problem members of the client's management team

Question 5

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:

Accepted Answer

A)  financial statement audits. 
B)  archaic audits. 
C)  process efficiency audits. 
D)  forensic audits. 
A)  financial statement audits. 
B)  archaic audits. 
C)  process efficiency audits. 
D)  forensic audits.

Question 6

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when an abnormal transaction is classified as problematic.

Accepted Answer

A)  False negative 
B)  True negative 
C)  True positive 
D)  False positive 
A)  False negative 
B)  True negative 
C)  True positive 
D)  False positive

Question 7

The General Ledger Standard adds the chart of accounts,source listings,trial balance,and GL detail.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following describes an example of a flat file:

Accepted Answer

A)  ensures that all of its divisions and subsidiaries use a uniform installation of the chosen ERP system 
B)  allows all divisions and subsidiaries use the ERP system that works best for each location 
C)  provides a single table of data with user-defined attributes that is stored separate from any application 
D)  maps the various tables and fields from multiple ERP systems 
A)  ensures that all of its divisions and subsidiaries use a uniform installation of the chosen ERP system 
B)  allows all divisions and subsidiaries use the ERP system that works best for each location 
C)  provides a single table of data with user-defined attributes that is stored separate from any application 
D)  maps the various tables and fields from multiple ERP systems

Question 9

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

Accepted Answer

A)  work programs used to document the audit procedures to collect, manipulate, model, and evaluate data 
B)  IT-related documentation, including flowchart and process maps that provide system understanding 
C)  database maps and data dictionaries that define the location and types of data auditors will analyze 
D)  documentation of every matter considered during the audit. 
A)  work programs used to document the audit procedures to collect, manipulate, model, and evaluate data 
B)  IT-related documentation, including flowchart and process maps that provide system understanding 
C)  database maps and data dictionaries that define the location and types of data auditors will analyze 
D)  documentation of every matter considered during the audit.

Question 10

Which of the following best defines the Accounting Data Standards: Base Standard?

Accepted Answer

A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines the format for files and fields as well as some master data for users and business units. 
A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines the format for files and fields as well as some master data for users and business units.

Question 11

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:

Accepted Answer

A)  governance audits. 
B)  risk audits. 
C)  management audits. 
D)  compliance audits. 
A)  governance audits. 
B)  risk audits. 
C)  management audits. 
D)  compliance audits.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Which Accounting Data Standard identifies product master data,location data,inventory on hand data,and inventory movement?

Accepted Answer

A)  Base Standard 
B)  General Ledger Standards 
C)  Procure to Pay Subledger Standard 
D)  Inventory Subledger Standard 
A)  Base Standard 
B)  General Ledger Standards 
C)  Procure to Pay Subledger Standard 
D)  Inventory Subledger Standard

Question 14

Which of the following best defines the Accounting Data Standards: General Ledger?

Accepted Answer

A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines the format for files and fields as well as some master data for users and business units. 
A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines the format for files and fields as well as some master data for users and business units.

Question 15

Continuous auditing is a process that provides real-time assurance over business processes and systems.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

Accepted Answer

A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines product master data, location data, inventory on hand data, and inventory movement. 
A)  focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts. 
B)  identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts. 
C)  adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail. 
D)  defines product master data, location data, inventory on hand data, and inventory movement.

Question 17

Systems translator software maps the various tables and fields from varied ERP systems into a consistent format.

Accepted Answer

A) True 
 B)False

Question 18

The Base Standard defines the order for files and fields as well as some master data for users and business units.

Accepted Answer

A) True 
 B)False

Question 19

Heterogeneous systems represent multiple installations or instances of a system.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following describes a heterogeneous system approach:

Accepted Answer

A)  collects, reports, and is directly affected by current transactions. 
B)  allows all divisions and subsidiaries to use the ERP system that works best for each location. 
C)  provides a single table of data with user-defined attributes that is stored separately from any application. 
D)  maps the various tables and fields from multiple ERP systems. 
A)  collects, reports, and is directly affected by current transactions. 
B)  allows all divisions and subsidiaries to use the ERP system that works best for each location. 
C)  provides a single table of data with user-defined attributes that is stored separately from any application. 
D)  maps the various tables and fields from multiple ERP systems.

The Procure to Pay Subledger Standard identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts.

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is classified as problematic.

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

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

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:

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when an abnormal transaction is classified as problematic.

The General Ledger Standard adds the chart of accounts,source listings,trial balance,and GL detail.

Which of the following describes an example of a flat file:

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 best defines the Accounting Data Standards: Base Standard?

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:

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

Which Accounting Data Standard identifies product master data,location data,inventory on hand data,and inventory movement?

Which of the following best defines the Accounting Data Standards: General Ledger?

Continuous auditing is a process that provides real-time assurance over business processes and systems.

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

Systems translator software maps the various tables and fields from varied ERP systems into a consistent format.

The Base Standard defines the order for files and fields as well as some master data for users and business units.

Heterogeneous systems represent multiple installations or instances of a system.

Which of the following describes a heterogeneous system approach:

Data Analytics in Accounting and Business

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

Audit Data Analytics

Generating Key Performance Indicators

Using Financial Statement Data

Filters

Exam 5: The Modern Audit and Continuous Auditing

The Procure to Pay Subledger Standard identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts.

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is classified as problematic.

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

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

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:

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when an abnormal transaction is classified as problematic.

The General Ledger Standard adds the chart of accounts,source listings,trial balance,and GL detail.

Which of the following describes an example of a flat file:

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 best defines the Accounting Data Standards: Base Standard?

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:

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

Which Accounting Data Standard identifies product master data,location data,inventory on hand data,and inventory movement?

Which of the following best defines the Accounting Data Standards: General Ledger?

Continuous auditing is a process that provides real-time assurance over business processes and systems.

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

Systems translator software maps the various tables and fields from varied ERP systems into a consistent format.

The Base Standard defines the order for files and fields as well as some master data for users and business units.

Heterogeneous systems represent multiple installations or instances of a system.

Which of the following describes a heterogeneous system approach:

Data Analytics in Accounting and Business

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

Audit Data Analytics

Generating Key Performance Indicators

Using Financial Statement Data

Filters