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Benford's Law (Be Sure to Answer All 3 Parts)

question 48

Essay

Benford's Law (be sure to answer all 3 parts):
Part A: Briefly describe Benford's Law.
Part B: Draw a graph that exemplifies data which conforms to Benford's Law (i.e.,what it should look like).
Part C: Briefly describe how auditors could utilize Benford's Law while conducting testwork.


Definitions:

Personality Trait

A pattern of thought, emotion, or behavior that is relatively consistent over time and across situations.

Literature Review

A comprehensive survey of scholarly articles, books, and other sources on a specific topic, aiming to summarize and synthesize the existing research.

Intuitions

The ability to understand something instinctively, without the need for conscious reasoning.

Stability

Refers to the characteristics, traits, or states that remain consistent over time and across situations.

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