Some Key Issues to Consider When Planning an Audit Data

question 101

Multiple Choice

Some key issues to consider when planning an audit data analytics application are:

• A)What financial statement items, accounts or disclosures and related assertions are being audited?
• B)What is the overall purpose of the audit data analytics application and how will it contribute to the balance of the audit? For example, is audit data analytics being used as a risk assessment procedure or as a substantive test?
• C)What audit data analytics tool is best suited for the audit purpose? For example, which techniques, tools, graphics, tables or other analytical techniques should be used.
• D)All these answer choices are correct.

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Definitions:

Average Starting Salary

The mean initial compensation given to employees in a specific job or industry, often used as a benchmark for job seekers.

Standard Deviation

Standard deviation is a measure of the amount of variation or dispersion of a set of values, indicating how much individual values deviate from the mean.

Normally Distributed

A statistical term describing how data points are distributed in a way that they form a bell-shaped curve, with most values clustering around a central mean and fewer occurring as they move away.

Average Starting Salary

The average starting salary is the mean salary offered to employees with no prior experience in a particular job or field at the beginning of their employment.