How can RPA benefit an enterprise? It can save time and costs on mundane and repetitive tasks. It can reduce human errors and bias and let humans focus on low-value-added tasks. It can eliminate the need for humans to do high-value-added tasks. It can impair compliance. How does RPA differ from legacy management systems? RPA interacts with other systems through a business logic layer. RPA is invasive. Configuring RPA requires high-level IT expertise. RPA uses existing systems. Which is correct about RPA as it relates to auditing system and organization controls (SOC) engagements? If used in major business processes, RPA does not require special consideration compared to other technologies in SOC engagements. Risks introduced by RPA do not relate to change controls and workforce retention. RPA should be part of the description of the system. Regulators are not concerned with RPA because it reduces risks related to reporting. Which description related to the risks of RPA is the most accurate? Auditors can use the audit trail provided by the client directly without checking the integrity of the audit trail. Auditors should trust the client's access control system of the RPA programs. Auditors should check the design of the bot as well as segregation of duties and access controls. O The risk of data security is low enough to be ignored. What are some of the steps that RPA can perform in reconciling cash accounts? Call the banks to confirm cash balances and resolve any disputes. Recalculate the cash balance based on the general ledger account and eliminate all reconciling items. O Check whether the bank account exists (if not, add a new account), initiate confirmation, and extract account balance. O Investigate unexplained differences between confirmed and recorded balances. How does RPA differ from legacy management systems? RPA interacts with other systems through a business logic layer. RPA is invasive. Configuring RPA requires high-level IT expertise. O RPA uses existing systems. Which statement most accurately describes the need to audit client's RPA? Only a few firms are adopting RPA, and they don't plan to in the future. The firms that have adopted RPA are in low-risk industries. O RPA is not treated like other technologies in SOC engagements. RPA is expected to become prevalent, and its unique aspects introduce new risks. What should an auditor do when auditing a client's RPA? Request documentation related only to deciding which processes to select for RPA. Request documentation related only to RPA strategy. Request documentation of RPA programs and related audit trails. Request the RPA code only. How is RPA different than traditional audit automation? RPA cannot perform audit tasks. RPA is an overlay software but cannot be used to automate some audit tasks. RPA is an overlay software that can achieve end-to-end process automation. RPA is not different from traditional audit automation. What are the steps for using RPA in your audit engagement? Developing vision and process objectives, process identification, process understanding, audit data standardization, audit apps prototyping, and feedback and evaluation. O Developing vision and process objectives, process understanding, audit data standardization, audit apps prototyping, and feedback and evaluation. Process identification, process understanding, audit data standardization, audit apps prototyping, and feedback and evaluation. Process identification, developing vision and process objectives, process understanding, audit data standardization, audit apps prototyping, and feedback and evaluation. How can RPA assist the auditor in the audit planning phase? RPA is capable of automating all activities within the planning phase, including determining whether the account is equal to or exceeds materiality, and assigning a risk level to the account. RPA is capable of automating sections within the planning phase, such as determining whether the account is equal to or exceeds materiality. RPA is capable of automating sections within the planning phase, such as correcting errors with the trial balance and determining whether the account is equal to or exceeds materiality. RPA is capable of automating sections within the planning phase, such as checking the trial balance, determining whether the account is equal to or exceeds materiality, and assigning a risk level to the account