IDEA wrap up Homework (2 for questions 1,2,4,5) and one point for a j in 3 2 free points because the math doesnt work Wrap up of AP Testing in IDEA for general auditing purposes Note this assignment will be graded for accuracy and completeness NOtes I could not upload the text book for you to read on chegg Please send me your email so i can attach the book my email is aoudeif1 yahoo com Part 1 Wrap up of AP Testing in IDEA for general auditing purposes and potential fraud Carefully read pages 90 92 What type of risk (from the risk model are we best capable of testing with IDEA Why (Hint what type of data information are we testing from with IDEA ) Completeness is also a large factor for liabilities However, given that you can only test transactions that are already recorded by the client with IDEA, is it possible to know if the transaction file is complete Review the Audit Program page 96 Given this and the tests in the subsequent items on pages 97 175, answer the following What are you doing and why in Import the Accounts Payable and Authorized Suppliers Data Files (pg 99) and Verify that the Data Files Have Been Correctly Imported (pg 108) What audit assertion objective are you testing In item Analyze the Profile of Payments (pg 121) you perform a general stratification to analyze the profile of payments Our usual expectation for stratification of transaction data (for AR or AP) is that you will have the most transactions for lower values and a lower number of transactions as the transaction amounts get higher What do you find here that is inconsistent If you have the report and graphs on pages 124 125, which are you most likely to show to your immediate supervisor and which are you most likely to show to upper management Identify High and Unusual Payments (pg 128) You now know what amounts appear unusual, so you extract those that are unusual and high for further testing What do you find Identify Exceptional Transactions (pg 130 134 ) In items Payments Authorized by Manager HMV and Test for Payments Processed on a Sunday (pg 132) you are given additional tests to perform based on your investigation of large and unusual transactions In a fraud audit, you usually dont have an exact audit program to follow So, how would you determine that these tests would be warranted given only the data you extracted in Identify High and Unusual Payments (pg 128) Does the Benfords law testing support your previous testing or not Test for Duplicate Payments and Records (pg 146) Why are you worried about Duplicates in AP How does this differ from what Duplicates mean for AR Searching for Gaps in the Check Number Sequence (pg 153) and Searching for Gaps in the Check Date Sequence (pg 157) What types of Gaps are you looking for with AP What might you learn How does this compare to testing Gaps in AR Analyze Payment Days to Identify Favorable Terms to Suppliers (pg 161) What would early or late payments possibly indicate for AP Payments to Unauthorized Suppliers (pg 166) Why is the unmatched primary join so important for AP and in general What type of audit procedure are you primarily performing in b j above If you have not had the auditing course yet, the choices are as follows Types of Audit Evidence Physical examination Confirmations Documentary evidence Analytical procedures Oral evidence Accounting system Reperformance Observatory evidence Overall Suppose you were asked to examine the files we looked at for potential AP fraud without a data analysis tool like IDEA How likely would you be to come up with the findings you did and how much time do you think it would take (comparatively)

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IDEA wrap up Homework (2 for questions 1,2,4,5) and one point for a j in  3   2 free points because the math doesnt work Wrap up of AP Testing in IDEA for general auditing purposes Note this assignment will be graded for accuracy and completeness  NOtes  I could not upload the text book for you to read on chegg  Please send me your email so i can attach the book  my email is aoudeif1 yahoo com Part 1  Wrap up of AP Testing in IDEA for general auditing purposes and potential fraud Carefully read pages 90 92  What type of risk (from the risk model are we best capable of testing with IDEA  Why  (Hint  what type of data information are we testing from with IDEA ) Completeness is also a large factor for liabilities  However, given that you can only test transactions that are already recorded by the client with IDEA, is it possible to know if the transaction file is complete  Review the Audit Program page 96  Given this and the tests in the subsequent items on pages 97 175, answer the following  What are you doing and why in Import the Accounts Payable and Authorized Suppliers Data Files (pg 99) and Verify that the Data Files Have Been Correctly Imported (pg 108)   What audit assertion objective are you testing  In item Analyze the Profile of Payments (pg 121) you perform a general stratification to analyze the profile of payments  Our usual expectation for stratification of transaction data (for AR or AP) is that you will have the most transactions for lower values and a lower number of transactions as the transaction amounts get higher  What do you find here that is inconsistent  If you have the report and graphs on pages 124 125, which are you most likely to show to your immediate supervisor and which are you most likely to show to upper management  Identify High and Unusual Payments (pg 128) You now know what amounts appear unusual, so you extract those that are unusual and high for further testing  What do you find  Identify Exceptional Transactions (pg 130 134 ) In items Payments Authorized by Manager HMV and Test for Payments Processed on a Sunday (pg 132) you are given additional tests to perform based on your investigation of large and unusual transactions  In a fraud audit, you usually dont have an exact audit program to follow  So, how would you determine that these tests would be warranted given only the data you extracted in Identify High and Unusual Payments (pg 128)   Does the Benfords law testing support your previous testing or not  Test for Duplicate Payments and Records (pg 146) Why are you worried about Duplicates in AP  How does this differ from what Duplicates mean for AR  Searching for Gaps in the Check Number Sequence (pg 153) and Searching for Gaps in the Check Date Sequence (pg 157)  What types of Gaps are you looking for with AP  What might you learn  How does this compare to testing Gaps in AR  Analyze Payment Days to Identify Favorable Terms to Suppliers (pg 161) What would early or late payments possibly indicate for AP  Payments to Unauthorized Suppliers (pg 166) Why is the unmatched primary join so important for AP and in general  What type of audit procedure are you primarily performing in b j above  If you have not had the auditing course yet, the choices are as follows  Types of Audit Evidence Physical examination      Confirmations      Documentary evidence      Analytical procedures      Oral evidence      Accounting system      Reperformance      Observatory evidence  Overall  Suppose you were asked to examine the files we looked at for potential AP fraud without a data analysis tool like IDEA  How likely would you be to come up with the findings you did and how much time do you think it would take (comparatively)

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