ommon uses for data analytics within internal audit functions may include all of the following except: (A) Identify invalid expense report items. (B)Identify ghosts on the payroll. (C)Identify theft of inventory. (D) Identify suspect timeshee
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Common uses for data analytics within internal audit functions may include all of the following except:
(A) Identify invalid expense report items.
(B)Identify ghosts on the payroll.
(C)Identify theft of inventory.
(D) Identify suspect timesheets
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- Internal controls do each of the following except: A. Evaluate performance of employees B. Guarantee the accuracy if account records C. Protect assets D. Increase the likelihood that any errors will be caughtAn internal auditor is examining the effectiveness of procedures management established to protect customer data from cyberattacks and whether those procedures are cost effective. This is an example of an operational audit. Question options: True Falseased on an assessment of audit risk, the auditors are concerned with the following two risks: The risk that that the client might be making duplicate payments to vendors. The risk that the client’s accounting clerk might be making unauthorized payments to himself. Required: a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments.
- Research a company that had a fraud event happen due to inadequate accounting procedures. Review the fraud event that happened in the company in detail and identify at least two accounting control procedures that were deficient in this event. Propose an internal control system that would have eliminated the fraud, using the ERP system.What are the goals of a fraud audit for internal auditors? Explain briefly.Based on an assessment of audit risk, the auditors are concerned with the following two risks: The risk that that the client might be making duplicate payments to vendors. The risk that the client’s accounting clerk might be making unauthorized payments to himself. Required: a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments. c. Describe the advantages of using data analytics software to identify unusual transactions or entries.
- When processing controls within the accounting information system may not leave visible evidence that could be inspected by audit teams, the teams shoulda. Make corroborative inquiries.b. Observe the separation of duties of personnel.c. Review transactions submitted for processing and compare them to related output.d. Review the run manual.The following audit procedures are included in the auditprogram because of heightened risks of material misstatements due to fraud.1. Use audit software to search cash disbursement master files for missing check numbers.2. Search the accounts receivable master file for account balances with missing orunusual customer numbers (e.g., “99999”).3. Use audit software to create a list of all credits to the repair and maintenanceexpense account for follow-up testing.4. Engage an actuarial specialist to examine management’s assumptions about averagelength of employment and average life expectancy of retirees used in pension accounting decisions.5. Send confirmations to customers for large sales transactions made in the fourth quarterof the year to obtain customer responses about terms related to the transfer of titleand ability to return merchandise.6. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related…This is a process of evaluating the effectiveness of a client's internal controls in preventing or detecting material misstatements in the financial statements is called __________________ (answer in All CAPS)
- What is the objectives for Internal Auditors in doing a fraud audit? Briefly explain.List the transaction-related audit objectives for the audit of salestransactions. For each objective, state one internal control that the client can use toreduce the likelihood of misstatementsIn the event of payroll fraud, discuss the suggestion that the human elements of control systems are frequently more important than the software elements in ensuring that records are correct.