When Using Primary Data,what Steps Must Be Taken to Ensure

question 18

Essay

When using primary data,what steps must be taken to ensure that the data quality is high,both during data entry and during data cleaning stages? What technologies facilitate both?

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Definitions:

Control Activities

Policies, procedures, and mechanisms implemented by an organization to prevent or detect errors or frauds, ensuring the integrity of financial reporting and compliance with laws and regulations.

Risk Assessment

The process of identifying, evaluating, and estimating the levels of risk involved in a situation, followed by the coordination and economical application of resources to minimize, monitor, and control the probability and impact of unfortunate events.

Idle Cash

Cash that is not currently employed in any investment or operation, therefore not earning any return or interest.

Cash Equivalents

Short-term, highly liquid investments that are easily convertible to known amounts of cash with original maturities of three months or less.