Which of the following statements is true?

Group of answer choices

Obtaining the data is the first step on the internal audit data analytics process.

Data analytics does not provide the auditor with the ability to analyze the total population of transactions.

All of the statements provided are true.

Volume and velocity are examples of important attributes of the current data environment.

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Question 222.5 pts

In deciding whether to schedule the purchasing department or the HR department for an audit engagement, which of the following would be the least important factor?

Group of answer choices

There have been major changes in operations in one of the departments.

There are more opportunities to achieve operating benefits in one of the departments than in the other.

The audit staff has recently added an individual with expertise in one of the areas.

The potential for loss is significantly greater in one department than the other.

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Question 232.5 pts

During an internal audit engagement, an auditor compared the inventory turnover rate of a subsidiary with established industry standards to:

Group of answer choices

Test controls designed to safeguard assets.

Assess performance and indicate where additional audit work may be needed.

Determine compliance with corporate procedures regarding inventory levels.

Evaluate the accuracy of internal financial reports.