When Internal Controls Are Strong and the Auditor Is Able

question 74

Short Answer

When internal controls are strong and the auditor is able to obtain relevant and reliable data, he or she usually considers using audit data analytics (ADA) as a _______.

Identify appropriate storage solutions for financial and personal documents.

Understand the different types of assets and how they contribute to overall financial wealth.

Distinguish between various budget types and their purposes.

Identify and categorize personal and employment records.

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Definitions:

Adapt

The process of changing or adjusting to fit new conditions or environments.

Functionalists

Scholars or theorists who focus on the purpose or role that an element of society or a psychological phenomenon serves.

Correlation Coefficient

A statistical measure that indicates the extent to which two or more variables fluctuate together, showing the strength and direction of a linear relationship between them.

Variables

Elements, features, or factors that are likely to vary or change and can be manipulated, measured, or controlled in scientific research.