When the Auditor Uses Audit Data Analytics, _______

question 56

Multiple Choice

When the auditor uses audit data analytics, _______.

• A)the auditor is looking for anomalies, or balances or transactions that do not meet the auditor's expectations
• B)the auditor is looking for anomalies only
• C)the auditor is only looking for balances or transactions that do not meet the auditor's expectations
• D)the auditor is neither looking for anomalies, nor balances nor transactions that do not meet the auditor's expectations

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Definitions:

Compounded Monthly

Interest on an investment or loan is calculated and added to the principal amount on a monthly basis.

RRSP

Registered Retirement Savings Plan, a Canadian investment vehicle for individuals to save for retirement on a tax-sheltered basis.

Compounded Annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods, applied once per year.

Ordinary General Annuity

An annuity in which payments are made at the end of each period, such as a year, month, or quarter.