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Hansel is a staff auditor from the audit firm Forrest and has recently heard that their client, Tasty Treat, a distributor of cookies, has started to use data analytics in their business. Hansel is very excited to hear this and shares it with the experienced auditor on the team, Gretel. Hansel expressed excitement in the use of Tasty Treat's data analytics to assist in Forrest's audit procedures. Which of the following responses would be the most appropriate from Gretel? This is good news. We should get a good understanding of Tasty Treat's data analytics. If the client has strong controls around the data analytics, we could have the client prepare various analyses in place of our audit procedures. This is good news. As auditors, we like to see that our clients are adapting best practices to help sustain and grow their business. However, we should instead hire an audit data analytics (ADA) specialist. This individual would be able to serve a large number of clients concurrently by serving as a consuitant to our various audit teams. This is good news. Tasty Treat is taking great measures to better understand their organization, and accordingly drive their business. Yet, we should look to train members of our audit team to have audit data analytics (ADA) knowledge or hire individuals with ADA knowledge to be part of the audit team so we can integrate the procedures throughout the audit. None of these answer choices are correct. You are auditing Calla's Cabins, a rustic vacation resort that specializes in weeklong single-family units. All units of the resort are similar to one another. Calla's Cabins typically receives payment from guests at the time a booking is made through their online booking system. Their largest expenses are real estate taxes, utilities, salaries, depreciation, and maintenance. You are considering using audit data analytics (ADA) to assist in your audit. Where could ADA be best utilized? You should consider using ADA to audit depreciation. As depreciation is one of the largest expenses of the resort, it is an area of high risk. ADA can assist your efforts to ensure that this amount has been calculated accurately for each of the similar units and is reflected appropriately in the financial statements. You should consider using ADA to audit real estate taxes. As real estate taxes are one of the largest expenses of the resort, it. is an area of high risk. ADA can assist your efforts to ensure that these expenses occurred, are complete, and are valued at the correct amount through comparing the real estate tax bill to the real estate tax expense. You should not use ADA for your audit of Calla's Cabins. Due to the basic nature of the client, the cost of ADA would outweigh the benefit. You should consider using ADA to audit cash receipts and revenue. As there will be a relatively high-volume of sales and corresponding cash receipts that would be homogeneous to one another as all stays are for a similar time frame, ADA could faciliate the routine work of identifying anomalies which could allow for the audit team to spend more time on work that requires critical thinking and professional judgment. During the audit of Barron Company's receivables, the audit partner in charge of the audit noted that a common use of audit data analytics (ADA) during an audit is as a substantive test, because ADA gives the external auditor the power and ability to analyze large amounts of information simultaneously. The Audit Senior has approached you and asked you to determine an appropriate use of ADA in this context. The most appropriate response/strategy would be to use ADA in this context as: a tool to match credit sales, generation of accounts receivabie and subsequent cash collections to ensure existence, valuation and accuracy assertions. a method of issuing confirmations to the holders of selected high dollar amount receivables to confirm that they have been paid. a method of ensuring that client sales data is appropriately matched to client receivables, to ensure timely collection. a tool to match credit sales, generation of accounts receivable and subsequent cash collections to ensure cutotf, completeness and accuracy assertions