You are an internal auditor for the city of Burlington, Vermont. Download the data file P6-3BurlingtonVermontData.xlsx from the student download page at http://www.pearsonhighered.com/romney, which contains the annual account balance information for city departments for six fiscal years. There are two sheets in this workbook. The Annual Data sheet contains data aggregated to the annual level for the city departments. The Monthly Data sheet contains data aggregated to the monthly level for the city departments. You are planning to perform audit procedures on the Monthly Data. Before you do, verify that the data in this sheet matches the data in the Annual Data worksheet, which you already verified as correct.

Required

Analyze the two sheets. Based on your analysis, answer the following questions:

Under what circumstances can you NOT use the Annual Data sheet for your audit? Said differently, why might you need the data in the Monthly Data sheet for your audit?

On a separate worksheet in Excel, create a summary of the data that shows the total dollar amount of transactions for the two different sheets. Are these the same for both datasets?

Does the total amount for transactions differ for the different departments and years? Create two sheets: the first sheet should compare departments and the second sheet should compare years. What do you learn from these analyses?

Based on your analysis in the previous questions, suggest the areas you believe are most important to investigate further