The Use of Data Analytics Will Likely Result in Significant

question 5

Multiple Choice

The use of data analytics will likely result in significant changes to clients' expectations of their auditors.Which of the following is most likely not one of those expected changes?

• A)More innovative thinking.
• B)More time spent gathering and testing data.
• C)Deeper and broader insights.
• D)Faster and more efficient delivery of audit findings.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the correct period.

Revenue Accounts

Accounts that track the income earned by a company from its normal business operations or other activities.

Salaries and Wages Payable

Obligations due to employees for completed work that hasn't been compensated yet.

Payroll

The total amount of wages and salaries paid by a business to its employees for a set period of time.