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Your audit team has been tasked with identifying potential internal control weaknesses within the orderto~cash process. 1. Create a new word processing document and name
Your audit team has been tasked with identifying potential internal control weaknesses within the orderto~cash process. 1. Create a new word processing document and name the le \"Lab 1-3 Data Analytics in Auditing Lab - [Your name] [Your email Page 34 address].\" 2. Use what you know about internal controls over the ordertocash process (or search the web if you need a refresher} to identify three different questions that might indicate internal control weakness. For example, if you suspect that a manager may be delaying approval of shipments sent to customers, your question might be \"Are any shipping managers approving shipments more than 2 days after they are received?\" Type your three questions in your document. 3. Next to each question generate a hypothetical answer to each question to help you identify what your expected output would be. You may use some insight or intuition or search the Internet for ideas on how to inform your hypothesis. For example: \"Hypothesis: Only 1 or 2 shipping managers are approving shipments more than 2 days after they are received.\" 4. Finally, identify the data that you would need to answer each of your questions. For example, to determine the timing of approval and who is involved, you might need the approver id, the order date, and the approval date. Add your required data sources to each question in your document. 5. Save your document. Part 2: Master the Data To answer your questions, you'll need to evaluate the data that are available in the audit data standards. 6. Open your web browser and search for \"Audit data standards order to cash.\" Follow the link to the \"Audit Data Standards Library AICPA,\" then look for the \"Audit Data StandardOrder to Cash Subledger Standard\" PDF document. 7'. Quickly scan through the document for elds that relate to each question you identied in Part 1. For example, if you're looking for the shipment timing and approval data, you would need the S}:@merirs_Made_mVDD_mMDD table and Appmved_B_v, Entered_Date, and Appmved_Dare elds. List the tables and elds from the audit data standard in your document needed for each question. 8. Identify any data that don't appear in the audit data standard that might also be relevant to your questions
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