Question

In: Accounting

Question: Question 9 Cluster analysis is defined as _______. -analyzing management techniques and administrative policies simultaneously...

Question:

Question 9

Cluster analysis is defined as _______.

-analyzing management techniques and administrative policies simultaneously

-the process of discovering groups (termed clusters in data science) of similar items in a set of data; items in the same group are similar, while items in different groups are not as similar.

-determining which package of audit services can be sold to a client at the best possible price

-the process of discovering individual pieces of similar items in a set of data; items in the same group are similar, while items in different groups are not as similar.

Question 10

Matching information in key data fields _______.

-is a process where the auditor uses audit data analytics to search for key characteristics that may exist in the same database

-is a process where the auditor uses audit data analytics to search for key characteristics that may exist in several different databases

-is typically a task assigned to the internal audit function

-is a process where the auditor uses his or her understanding of inherent risk to search for key characteristics that may exist in several different databases

Question 11

If the auditor is performing substantive tests at an interim date, _______.

-the auditor must perform steps to update their conclusion to the date of the financial statements

-the auditor should plan to conduct more tests once the audit report has been issued

-the auditor should perform no further steps to update their conclusion through the date of the financial statements

-then this testing will suffice and no further testing needs to be done

Question 12

If a confirmation of an accounts receivable balance is not returned by the customer, the auditor might validate the receivable by _______.

-looking at evidence of subsequent cash receipt in the amount of the billing for a different customer

-looking at evidence of subsequent cash receipt in the amount of the billing to the customer

-confirming the receivable with senior management

-confirming a different receivable with a different customer instead

Question 13

Attribute sampling is a technique used to reach a conclusion about a sample in terms of a rate of occurrence.

Group of answer choices

True

False

Question 14

A material weakness is a deficiency where there is more than a remote possibility that a misstatement that is less than material, but still significant enough that it should be reported to those charged with governance.

Group of answer choices

True

False

Question 15

The first step in assessing control risk is to _______.

-understand entity-level controls

-identify relevant controls to test

-determine preliminary audit strategy

-understand the flow of transactions

Question 16

Prevention controls are those applied _______.

-at the transaction level only

-to each transaction during normal processing and are intended to stop fraud or errors from occurring

-at both the entity and transaction levels

-to each entity during normal processing and are intended to stop fraud or errors from occurring

Question 17

Internal controls can _______.

-only include certain procedures approved by management and the auditor

-include any procedure used and relied upon by the client to prevent errors from occurring when processing transactions, or to detect and correct errors that may occur in these transactions

-never be subject to senior management override

-include any procedure used and relied upon by the auditor to prevent errors from occurring when processing transactions, or to detect and correct errors that may occur in these transactions

Solutions

Expert Solution

Question 9
Cluster analysis is defined as _______.
-analyzing management techniques and administrative policies simultaneously
-the process of discovering groups (termed clusters in data science) of similar items in a set of data; items in the same group are similar, while items in different groups are not as similar. Correct Cluster is a group of objects that belongs to the same class and cluster analysis partition the set of data into groups based on data similarity and then assign the labels to the groups.
-determining which package of audit services can be sold to a client at the best possible price
-the process of discovering individual pieces of similar items in a set of data; items in the same group are similar, while items in different groups are not as similar.
Question 10
Matching information in key data fields _______.
-is a process where the auditor uses audit data analytics to search for key characteristics that may exist in the same database
-is a process where the auditor uses audit data analytics to search for key characteristics that may exist in several different databases Correct
-is typically a task assigned to the internal audit function
-is a process where the auditor uses his or her understanding of inherent risk to search for key characteristics that may exist in several different databases
Question 11
If the auditor is performing substantive tests at an interim date, _______.
-the auditor must perform steps to update their conclusion to the date of the financial statements Correct When substantive procedures are performed at an interim date,without undertaking additional procedures at a later date
-the auditor should plan to conduct more tests once the audit report has been issued
-the auditor should perform no further steps to update their conclusion through the date of the financial statements
-then this testing will suffice and no further testing needs to be done
Question 12
If a confirmation of an accounts receivable balance is not returned by the customer, the auditor might validate the receivable by _______.
-looking at evidence of subsequent cash receipt in the amount of the billing for a different customer
-looking at evidence of subsequent cash receipt in the amount of the billing to the customer Correct The auditor should perform alternative procedures to obtain evidence regarding the customer's balance. If the customer has not responded after three attempts, it is possible that the customer does not exist.
-confirming the receivable with senior management
-confirming a different receivable with a different customer instead
Question 13
Attribute sampling is a technique used to reach a conclusion about a sample in terms of a rate of occurrence.
Group of answer choices
TRUE Correct
FALSE

Related Solutions

Class for, Management of Marketing Techniques USAA's home and auto insurance policies have ________ attributes because...
Class for, Management of Marketing Techniques USAA's home and auto insurance policies have ________ attributes because the public is not considered to have expert knowledge on them, but knows the desired end state, to have their home or car protected in the event of an emergency. A: credence B: search C: experience D: multiple
9) Describe the ACL analysis? How can ACL tools and techniques be used in an audit?...
9) Describe the ACL analysis? How can ACL tools and techniques be used in an audit? Be specific and use examples to support your answer. What did you learn about ACL that you found to be most useful with respect to IT Audit?
Compare and contrast income gap and duration gap analysis as techniques for management of interest rate...
Compare and contrast income gap and duration gap analysis as techniques for management of interest rate risk by banks.
Answer the following three questions: 5A.) In Unit 9 we looked at several various analysis techniques...
Answer the following three questions: 5A.) In Unit 9 we looked at several various analysis techniques – briefly explain when each technique should be used AND if it is an approximate or exact method of the solution? (3 points) Payback Future Worth Benefit/Cost Ratios 5B.)  Payback Using the cost and benefits data for four different alternatives in table below, find the best alternative using the payback period analysis. MARR=X%  (2 points) Solve by hand or in Excel. Year A B C D...
Logistic Management Learning Outcomes: Develop a framework for analyzing the logistics function of the firm (Question...
Logistic Management Learning Outcomes: Develop a framework for analyzing the logistics function of the firm (Question 1 and 2) Make decisions related to managing the logistics effort of the firm. (Question 3) Case Study NADHEEFCO is a company manufacturing cleaning products serving the grocery retailing market in Europ. NADHEEFCO currently segments its customers based on customer accounts values. The primary division is between national accounts, for which ten accounts constitute 70 per cent of sales by value, and field sales,...
Database Management Question: Choose a database recovery problem and then propose a solution using the techniques,...
Database Management Question: Choose a database recovery problem and then propose a solution using the techniques, such as log-based recovery or shadow paging, etc. Briefly describe the technique, when it is appropriate to use, and what recovery problem it solves.
Question 9 Analysis of the cellular structure of Chewbacca (a Wookie) showed that most of the...
Question 9 Analysis of the cellular structure of Chewbacca (a Wookie) showed that most of the basic cellular and molecular processes are the same between Wookies and humans, much as they are the same between humans and other closely related organisms. Many proteins are highly conserved and basic cellular metabolism is maintained. Interestingly, one new organelle is present, which researchers named the Wookiesome. Many of the proteins found within the Wookiesome have the eight amino acid sequence “HARRIEST”. You make...
This question is in Chapter 4 of Quantitative Analysis for Management 13th Edition not included in...
This question is in Chapter 4 of Quantitative Analysis for Management 13th Edition not included in the solutions portion of the problems. 4-33 Annual rainfall plays an important role in corn agriculture. The drought of 2011 affected corn prices for years. Given the following data, build a model and predict the harvest for 2016 given the total rainfall was 6.45 inches. Critique your prediction. Year Rain(inches) REAP(tons) 2011 2.06 325 2012 5.11 408 2013 7.43 609 2014 6.12 512 2015...
Introduction to Management Hi please answer the question based on TOPIC 9: CREATIVITY, INNOVATION & DESIGN...
Introduction to Management Hi please answer the question based on TOPIC 9: CREATIVITY, INNOVATION & DESIGN Lecture + Robbins Ch. 7, 13 “Innovation is change that adds potential value”. Discuss this statement drawing on the ‘Dimensions’ component of the Innovation Management (IM) Framework. In your answer discuss the aspects of innovative leadership that a manager would draw on when managing innovation in fast-changing environments. Also discuss the innovation climate and culture that an organisation would need to adopt in a...
Fundamentals of cost and management accounting Classwork on breakeven analysis Question 1 GPZ sells cupcakes for...
Fundamentals of cost and management accounting Classwork on breakeven analysis Question 1 GPZ sells cupcakes for $2. Material per unit costs $0.10. Variable labour cost is $0.25. Variable other manufacturing costs is $0.35. Monthly fixed costs are $12,000. Required Calculate the breakeven point. Calculate the volume required to earn $30,000. How does your analysis change if you learn that the cupcakes are sold through agents who charge a commission of $1 per each 100 cupcakes sold? Question 2 A road...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT