Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunnyside Inc. is being audited by Swan and Co. External Auditors. The lead partner on the engagement is interested in utilizing Audit Data Analytics (ADA)

image text in transcribed
Sunnyside Inc. is being audited by Swan and Co. External Auditors. The lead partner on the engagement is interested in utilizing Audit Data Analytics (ADA) as a substantive test of details, and is discussing the most beneficial use of this technique with the audit manage who will assume responsibility for the day-to-day overseeing of the audit. Scenarios, whereby ADA can be utilized as a substantive test of details, include: (Select all that apply.) Matching information contained in shipping documents, bills of lading, and sales invoices. Matching IT internal controls to the relevant audit assertions which will be used to test those controls. Vouching accounts receivable balances to records of subsequent cash receipts from customers. Vouching procedure whereby inventory quantities are matched to depreciation expenses and inventory acquisitions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

design a simple performance appraisal system

Answered: 1 week ago