Auditors Should Consider the Use of Data Analytics Tools to Such

question 84

True/False

Auditors should consider the use of data analytics tools to such for payroll-related anomalies including duplicate employee names, missing data in the payroll master files, or duplicate direct deposit bank account numbers.

Ascertain cash flows and cash management in budgeting, including receipts from sales and cash budget preparation.

Comprehend and apply Just-In-Time (JIT) inventory management principles in budgeting.

Grasp the procedure for developing various components of the master budget, including sales, production, and purchase budgets.

Understand the principles of activity-based budgeting and its application.

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Definitions:

Retinal Detachment

A medical condition in which the retina, the light-sensitive layer of tissue at the back of the inner eye, pulls away from its normal position, potentially leading to vision loss.

Tympanic Membrane

Also known as the eardrum, it is a thin layer that separates the outer ear from the middle ear and vibrates in response to sound waves.

Floating Spots

Small, mobile, shadow-like shapes that appear in one's field of vision, typically caused by particles within the vitreous of the eye.

Gradual Vision Loss

A progressive deterioration of sight over time that can occur due to factors such as age, diseases, or injuries.