In auditing procedure,by performing data analytic, assume you conclude that in one day of the week,...

In auditing procedure,by performing data analytic, assume you conclude that in one day of the week, the payments are much lower than the others. What approach could be effective for determining why?

Expert Solution

Auditor need to adopt professional skepticism while doing carrying on Audit Procedures. He needs to stay alert to possibilities of material misstatement, error or fraud. If he comes through a situation where normal procedures are not be sufficient to analyse the situation, he needs to apply additional procedures to obtain sufficient and appropriate audit evidences to reach to a conclusion and form an opinion.

Through performing Data Analytic,if auditor comes to conclude that in one day of the week the payments are much lower than others, then Auditor can perform following additional procedures to reach out to conclusion:

a. Discuss about findings with Department Head for finding the reason for the same. If appropriate response is not obtained, then auditor shall discuss the same with Top Management.

b. Understanding local traditions and business practices as to Payment Terms.

c. Obtain balance confirmation from Creditors with doubtful accounts.

d. Vouch for the transactions.

e. Perform Ledger scrutiny of doubtful accounts.

ekkarill92 answered 2 years ago

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