accounting information system 311 exam 2

the trend line in your chart should take up to _______% of the chart

66%

when a z- score is used to identify anomalies, which of the following likely represents an outlier? A observation with a Z -score of +3.1 A observation with a Z -score of 0 A observation with a Z -score of -2.9 A observation with a Z -score of +1.3

A observation with a Z -score of +3.1

which of the following the best example of artificial intelligence use in auditing? A tool that summarize the estimates used by management in the past A tool that prompts an auditor to reject managemnet's proposed estimate A tool that predicts an acceptable estimate range based on past estimates

A tool that prompts an auditor to reject managemnet's proposed estimate

The audit data standard were developed by the _______.

AICPA

which audit data standard would most likely the master data for users and business units?

Base standard

deciding whether to use declarative and exporatory visulization fit in which phase of the IMPACT model?

Communicate result

_______ map define the location types of data auditors will analyze

Database

the _____ model may be used ti implement Data

IMPACT

which of the following is an example of continuous data?

Turnver ratio

what is common diffrence between a bar chart and a pie chart

a bar chart can easily show comparisons, where a pie chart cannot

evaluation of audit data may be distilled into______ that may be function o exceptions and exposure

a risk score

in a aging analysis, which accounts would you expect to be less collectible? account with order activity account with recent activity

account with order activity

when you evaluate accounts recievale and place them in buckets based on how many days have passed since they were created, it is called age analysis account analysis old analysis bucket analysis

age analysis

if the average benfors'd law value of a population of sales transactions is 11%, which of the following is most likely to be suspicious? an employee whose sales transactions average 4% using Benford's law An employee whose sales transactions average 188% using Benford's law

an employee whose sales transactions average 4% using Benford's law

the auditors' tole is to make sure appropriate _______are used and that that the output correspond with management's assertions?

analytics

communicating results is more)_________ than ________

art, science

sorting in ____ order displays the number with the smallest value first

ascending

continuous ________ is a process that provided real-time assurance over business processes

auditing

continuous__________is process that provides real-time assurace over business processes

auditing

CAATs are ____scripts tat can be used to validate data, test controls, and enable substantive testing

automated

descriptive analytics enable auditors to set a_____ or point of reference for their evaluation?

baseline

descriptive analytics help auditors set a _______ for their evaluation.

baseline

data visualization can be used with _____data to make the result easier to interpret

big, small

which of the following is an example of the use descriptive analytics? determining whether a transaction is likely to be fraud based on a risk score. using past manager action on estimates to recommend a similar action in the future. calculating the total sales for the month identifying missing or duplicate payments to venders

calculating the total sales for the month

________can be used to group data by less obvious similarities, such as preference determined through purchase behavior.

clustering

the number 4.67 is an example of a _______ data point

continuous

Data that are represented by values within a range and include decimals, such as measurement in inches, are considered.

continuous data

which id not a department of internal audit? Governance, risk and compliance, including internal controls effectiveness forensic audits process efficiency and effectiveness cost variance and cost minimization information technology and information system audit

cost variance and cost minimization

An ________visualization is used to present finding to an audience

declarative

_____ analytics summarize activity or data based on certain attributes

descriptive

which of the following steps s completed during the communicate results stage of the IMPACT models? Determining if you will access the data yourself or if you need to request it form someone else determining if you are explaining the result of previously done analysis, or if you are exploring the data through the visualization whether you will use an unsupervised or a supervised approach of data analysis determining the purpose and scope of the data request

determining if you are explaining the result of previously done analysis, or if you are exploring the data through the visualization

_____ analytics are used to find correlations or patterns of interest in the data

diagnostic

exact and fuzzy matching would be example of _______ analytics

diagnostic

as Justin Zobel says in writing for computer science, "good style for sience is ultimately, nothing more than writing that is easy to understand. clear unambiguous, correct, interesting and ______

direct

which of the following is a question an auditor might ask when applying data analytics?

does it add value?

if the judgment making and decision making is ____ defined, a rule -based analytic could automatically assign a score for the auditor to review.

easily

a result of the use of electronic working papers by remote workers is cost saving through increased _______.

efficienty

Internal auditors are more likely to have working knowledge of various_______,______, _______ system

enterprise resource planning

electronic work paper platforms automate the workflow

evaluation, opinion generation, evidence collection

______may include data extracts, transformed data, and model output used to provide support for management assertions

evidence

working paper provide documentation for all of the following

evidence, communication, procedures

An _______ is reported when an automated rule is violated

exception

the auditors 's role is to insure that appropriate analytics are used and that the output of those analytics correspond to managment's

expectation and assertion

question auditors are interested in which help identify the problem support the functional area of all of the following expect internal control operational performance compliance fraud detection external control

external controls

a transaction that is flagged as an error r fraud but that really is not an error or fraud is an example of a

false positive

Drill down is used to find specific values that are summarized in general data generate summaries of data from specific values get a general sense of the numbers

find specific values that are summarized in general data

under the sixth step of the IMPACT model used to implement data analytics in the audit, auditor would

follow up on alarms from the analytics models and refine the model as needed

which is the following is true regarding audit analytics? once you've craeted and tested a CAAT, no further evaluation is needed Auditors should not use audit analytics in forming their opinion. for CATTS, a periodic validation should take place to make sure they continue to function as expected. Most analytics have to be evaluated to be evaluated individually.

for CATTS, a periodic validation should take place to make sure they continue to function as expected.

sequence check are useful for identifying ____ or duplicate transactions

gaps

the audit data standard include all of the following except general journal standard subledger standards general ledger standard base standard

general journal standard

which audit data standard would most likely include chart of account? Base standard inventory sub-ledger standard procure to pay sub-ledger standard general ledger standard order to cash sub-ledger standard

general ledger standard

which of the following common visualizations is most useful for showing the relative size if a value by using a color scale?

heat map

the _____system approach may require system translators software to create data in a data warehouse

heterogeneous

Companies that have undergone multiple mergers and acquisitions are more likely to have _______.

heterogeneous system

extent analytics

how much we can test

Timing analystic

how often the procedure should be run

______ are applied to beak down a series of complicated information on social media

infographics

when too many exceptions are actually normal transactions, auditors face

information overload

when too many expectation are actually normal transaction, auditors face

information overload

according to the textbook, the innovations in Data Analytics for accounting have originated most often from which accounting department in a company

internal auditing

with ______ data the number 0 is just another value on a scale and has no special meaning

interval

the _______subledger standard form the audit data standards covers the product mater data

inventory

in the modern audit, auditors will be free to use more________ and refocus their efforts on testing the ________ used by the robots.

judgment, parameters

which of these charts does not do a good job visually representing qualitative data? Bar charts Line graph Stacked bar charts Pie charts

line graph

under the fourth step of the IMPACT model used to implement data analytics in the audit, auditor would

list expected exceptions to analytics and expected remedial action by the auditor

the primary goal of the audit data standard is to reduce auditors' efforts to

load and transform the data

the ____ of the audit plan directs the audit work

methodology

visualization should help

minimize distractions, avoid bias, share information in a clear, concise manner

which of the following relates to why we perform audit procedures? timing, extent, Scope Nature

nature

use of the color red in color visualization should only used indicate something

negative

_______data include data that contains simple data such as categories, gender, or ethnic group.

nominal

manual task, including ______ and inspection are generally areas where Data analytics may not apply.

observation

which audit data standard would most likely include sales orders? Base standard inventory sub-ledger standard procure to pay sub-ledger standard general ledger standard order to cash sub-ledger standard

order to cash sub-ledger standard

if the rank or order of the data matters, what kind of data are you working with?

ordinal data

data stored in _______ can be scanned and converted to tabular data using specialized software

paper documents

artificial intelligence means that the computer leans about ______ actions to _____ a future course of action.

past, predict

if a sample is of appropriate size, its features can be confidently generalized to the ________.

population

which of the following best illustrates the use of sentiment analysis in auditing? predicting whether a transaction is fraudulent or not predicting how much overtime will be paid given an estimate of labor hours Predicting the likelihood of a material misstatement predicting an audit opinion based on comments written by the audit associates

predicting an audit opinion based on comments written by the audit associates

which of the following best illustrates the use of regression in auditing? predicting whether a transaction is fraudulent or not predicting how much overtime will be paid given an estimate of labor hours Predicting the likelihood of a material misstatement predicting an audit opinion based on comments written by the audit associates

predicting how much overtime will be paid given an estimate of labor hours

which of the following best illustrates the use of probability in auditing? predicting whether a transaction is fraudulent or not predicting how much overtime will be paid given an estimate of labor hours Predicting the likelihood of a material misstatement predicting an audit opinion based on comments written by the audit associates

predicting the likelihood of a material misstatement

which of the following best illustrates the use of classfication in auditing? predicting whether a transaction is fraudulent or not predicting how much overtime will be paid given an estimate of labor hours Predicting the likelihood of a material misstatement predicting an audit opinion based on comments written by the audit associates

predicting whether a transaction is fraudulent or not

the audit plan element that the audit team will execute to collect and analyze evidence is called_______.

procedures and tasks

the _______subledger standard form the audit data standards covers data needed to evaluate purchases and payments

procure to pay

continuously auditing evaluates data in a form that matches the ______ of the business

pulse

according to exhibit 4.3, conventinal and metaphorical charts would be considered to be declarative and ________.

qualitative

nominal data and ordinal data are examples of ________data.

qualitative

which of the following options are possible answers to the question "what type of data are being analyzed"

quantitative, qualitative

qualitative data are most easily expressed as _______ data

ratio

what is a common use of color when designing accessible dashboards?

red, yellow, and green

increased regulation has resulted in auditors being required to provide enhanced assurance while attempting to ____ audit fees

reduce

as part of continuous auditing, continous_______ on the status of the system so at any given time, the auditor can know if the system is operating within set parameters

reporting

there has been a shift of simply providing resonable assurance to additional assurance of the ______ that are performing the menial audit work

robots

there has been a shift or simply providing reasonable assurance to addtional assurance of the _______ that are performing the menial audit work

robots

automated bots do more of the _______ tasks and leave the ______-level tasks to the human auditor

routine; higher

the _______of the audit defines the time period, level of materiality and expected time the audit

scope

A fuzzy match is used join tables on:

similar value

Drilling down alloes the auditor ti see ____ of the underlying transactions

summary

_______ statistic provide insight into the relative size of a number compared with the population.

summary

whar internal audit department will work most directly with external auditors?

support for the financial statement audit

which of the following common visualizations is most useful for showing geographic areas?

symbol map

which of the following not an example of a summary statistic? the total number of employee in a company the employee with the highest salary the average income of entry-level empolyees. the employees whose names start with "R"

the employees whose names start with "R"

auditors can perform data analystics on ______ to determine the sequence of approvals

time stamp

which of the following is a reason to use declarative visulization?

to prompt conversation in the data

focusing on your audience when refining your written results will help you maintain appropriate________, provide the right content, and avoid too much detail.

tone

which of the following common visualizations is most useful for showing the proportional size of value in physical space?

tree map

auditor ask questions which help support functional area of compliance, fraud detection and investigation

true

most audit data are provideed in structured from

true

data analytics are only as important and effective as we can communicate to make the data_______.

understandable

an advantage of generalized audit software over traditional spreadsheet software is that it allow analysis of medium-size datasets very small data sets vary large data sets

vary large data sets

when determining the data scale, which of the following decisions is relevant?

what is the context? will the data b skewed? are there outliers?

nature analytics

why we perform audit procedures

often when presenting exploratory data in an interactive setting, the answer to questions from step i _______ answered before working with the data in the visualization software.

will not have already been

which of the following common visualizations is most useful for showing the frequency of words in a document?

word cloud

the focus of your writing should always be

your audience, your readers

the ____ shows the relative position of a point of interest to the population

z-score