Audit Data Analytics Can Be Used to Test Accuracy of Invoices

question 89

True/False

Audit data analytics can be used to test accuracy of invoices outstanding at the end of the year by matching these invoices to subsequent cash receipts after year-end.

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Definitions:

Control Group

A group in an experiment or study that does not receive the treatment and is used as a benchmark to measure the effects of the treatment.

False Negatives

Errors where a test result incorrectly indicates no presence of a condition when it is actually present.

Unprofitable Project

A project that generates a financial loss rather than profit for an organization, indicating that expenses exceed revenues.

Profitable Project

A venture or initiative that is expected to result in financial gain, exceeding the costs involved in its execution.