1- You, CPA, are a Senior Auditor at ABC LLP and have just started the compilation engagement for YVR Inc. Which of the following would be a typical compilation procedure?

Select one:

a. Performing and documenting an independence threat analysis.

b. Obtaining a recent copy of a sales invoice to determine if inventory is recorded at the lower of cost and Net Realizable Value

c. Selecting a sample of inventory purchases made during the fiscal year and vouching to the purchase invoice.

d. Tracing the inventory stored physically at the warehouse to the inventory listing as of the year-end date.

2- Auditors use Audit Data Analytics (ADA's) and other advanced technologies to enhance both their risk assessment procedures and further audit procedures.

Which of the following statements does not represent a relevant example of the application and use of Audit Data Analytics (ADA's):

Select one:

a. Automated Text Analysis of documents and text-based materials to help identify key words and phrases.

b. The use of ADA's canrelinquish (i.e forgo) the requirement for auditors to exhibit professional skepticism and an objective mindset during the audit.

c. Utilizing ADA's to increase speed and efficiency of analyzing, filtering and manipulating data sets.

d. Testing of Automated Controls within key financial systems.