Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Part 3: Cash Analytics In this part of your assignment, you will examine the Data Analytics Cash Excel file. Please complete the following tasks in
Part 3: Cash Analytics In this part of your assignment, you will examine the Data Analytics Cash Excel file. Please complete the following tasks in Excel: Q1. Analyze cash payments to vendors. Present your answers to the following items: a. Using the data provided in the Excel file, summarize the 2022 cash disbursements by payee and compare with a similar summary from 2021. Enter into the template provided in Excel only those payees you believe had an \"interesting\" change from 2021 to 2022. Consider the materiality threshold identified in Question 3 of risk assessment, audit workpaper 3.2.1 to identify any transactions that should be explored further. b. Think beyond the materiality threshold. Even if an item does not meet the dollar materiality threshold are other things questionable? For example, is there a large percentage change even if the dollar change is below materiality? Are there payees that you expect to have an increase in 2022, but did not? c. Once you identify accounts that need investigation, draft questions that you would ask of management and identify other audit procedures needed. Write these in the "Notes\" column. An example might be to check whether the difference is due to price changes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started