Auditing and Assurance Services
Final Test Solutions
Course Introduction
Auditing and Assurance Services explores the fundamental concepts, standards, and procedures underlying the audit of financial statements and the provision of assurance services. The course covers the auditors role in the financial reporting process, the professional and ethical responsibilities of auditors, risk assessment, internal controls, evidence gathering, sampling techniques, and various types of assurance engagements. Students will analyze real-world case studies to understand audit planning, execution, and reporting, as well as the impact of regulatory frameworks and emerging technologies on the assurance profession. The course equips students with the skills necessary to evaluate the reliability and credibility of financial information and prepares them for careers in auditing and related fields.
Recommended Textbook
Data Analytics for Accounting 1st Edition by Vernon Richardson
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8 Chapters
415 Verified Questions
415 Flashcards
Source URL: https://quizplus.com/study-set/2645
Page 2
Chapter 1: Data Analytics in Accounting and Business
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52774
Sample Questions
Q1) Which of the following best describes the data reduction approach to data analytics?
A) An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data.
B) An attempt to predict a relationship between two data items.
C) An attempt to reduce the amount of information that needs to be considered to focus on the most critical items.
D) An attempt to discover associations between individuals based on transactions involving them.
Answer: C
Q2) Which of the following best describes the regression approach to data analytics?
A) An attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model.
B) An attempt to predict a relationship between two data items.
C) An attempt to divide individuals into groups in a useful or meaningful way.
D) An attempt to discover associations between individuals based on transactions involving them.
Answer: A
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3
Chapter 2: Data Preparation and Cleaning
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55 Verified Questions
55 Flashcards
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Sample Questions
Q1) Removing leading zeroes and non-printable characters from the data is an example of which of the following?
A) Validating the data for completeness
B) Validating the data for integrity
C) Cleaning the data
D) Obtaining the data
Answer: C
Q2) The purpose of extracting data is:
A) To validate the data for completeness and integrity
B) To load the data into the appropriate tool for analysis
C) To identify and obtain the data from the appropriate source
D) To identify which approach to data analytics should be used
Answer: C
Q3) Which of the following best describes the purpose of a non-key attribute?
A) To ensure that each row in the table is unique
B) To create the relationship between two tables
C) To provide business information
D) To support business processes across the organization
Answer: C
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Page 4
Chapter 3: Modeling and Evaluation: Going From Defining
Business Problems and Data Understanding to Analyzing
Data and Answering Questions
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52772
Sample Questions
Q1) Fuzzy matching is a computer-assisted technique of finding matches that are less than 100 percent perfect by finding correspondences between portions of the text of each potential match.
A)True
B)False
Answer: True
Q2) Which approach to data analytics attempts to predict,for each unit,the numerical value of some variable?
A) Classification
B) Regression
C) Similarity matching
D) Link prediction
Answer: B
Q3) The data approach used to characterize the typical behavior of an individual,group or population by generating summary statistics about the data is referred to as classification.
A)True
B)False
Answer: True
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Chapter 4: Visualizations: Using Visualizations and
Summaries to Share Results
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) The following are typical examples of ordinal data except:
A) Distance
B) Position in a race
C) Hardness of a mineral
D) Military rank
Q2) The following are typical examples of ratio data except:
A) Weight
B) Birth date
C) Height
D) Pulse rate
Q3) The following are typical examples of nominal data except:
A) Hair color
B) Eye color
C) Gender
D) Height
Q4) Continuous data is data that can take on any value within a range.
A)True
B)False
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Chapter 5: The Modern Audit and Continuous Auditing
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Which of the following describes an example of a production systems:
A) collects, reports, and is directly affected by current transactions.
B) allows all divisions and subsidiaries to use the ERP system that works best for each location.
C) provides a single table of data with user-defined attributes that is stored separately from any application.
D) maps the various tables and fields from multiple ERP systems.
Q2) A data warehouse is a repository of data,including financial data,accumulated from internal and external data sources,to help management decision making.
A)True
B)False
Q3) The General Ledger Standard adds the chart of accounts,source listings,trial balance,and GL detail.
A)True
B)False
Q4) Heterogeneous systems represent multiple installations or instances of a system.
A)True
B)False
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Chapter 6: Audit Data Analytics
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Which of the following is not an example of predictive analytics?
A) Classification
B) Regression
C) Probability
D) Artificial intelligence
Q2) ________ allows auditors to evaluate account balances and is an example of ________ analytics.
A) Monetary unit sampling; diagnostic
B) Monetary unit sampling; descriptive
C) Random sampling; diagnostic
D) Random sampling; descriptive
Q3) Exploring the details behind the values is referred to as ________ and is an example of ________ analytics.
A) sorting; diagnostic
B) sorting; descriptive
C) drill-down; diagnostic
D) drill-down; descriptive
Q4) Audit Data Standards (ADS)were developed by the SEC.
A)True
B)False
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Chapter 7: Generating Key Performance Indicators
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50 Flashcards
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Sample Questions
Q1) Waste reduction rate is which of the following types of KPI?
A) Employee performance
B) Operational
C) Environmental and social sustainability
D) Financial performance
Q2) The IMPACT model should be used to complete a project using a balanced scorecard or some other type of digital dashboard to highlight metrics and KPIs.
A)True
B)False
Q3) Energy consumption is which of the following types of KPI?
A) Employee performance
B) Operational
C) Environmental and social sustainability
D) Financial performance
Q4) A balanced scorecard includes a well-defined mission,vision and set of values which are integral in creating and maintaining a successful culture.
A)True
B)False
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Chapter 8: Using Financial Statement Data
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Which of the following statements is false?
A) Firms can make their own tags if they feel their financial data item does not fit within the existing framework.
B) Sometimes very similar financial data items have unique tags, making direct comparisons between companies difficult.
C) Detailed tagging of the numbers included in the footnotes is required.
D) XBRL uses a taxonomy to help define and describe each key data element, but it is not capable of defining relationships between each element.
Q2) According to the authors,the use of tags allows data to be quickly ________.
A) cleaned and prepared
B) transformed and received
C) sorted and reconfigured
D) transmitted and received
Q3) Financial statement analysis is used by investors,analysts,auditors and other interested stakeholders to review and evaluate a company's financial statements and financial performance.
A)True
B)False
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