A3M10: Audit Data Analytics

Question 1

What can ADAs be used for in an audit?

Answer 1

Risk assessment, test of controls, substantive procedures, over conclusion forming

Question 2

5 steps in applying an ADA

Answer 2

1. Plan the ADA
2. Access and Obtain the data
3. assess relevance and reliability of data sources
4. Perform the ADA
5. Evaluate the outcomes

Question 3

Descriptive analytics

Answer 3

what happened or is happening currently (summary statistics, data sorting)

Question 4

Diagnostic analytics

Answer 4

understand the underlying cause of the results (drill-down, period-over-period analysis)

Question 5

Predictive analytics

Answer 5

historical data and facts to make projections (regression analysis, forecasting, classification)

Question 6

Prescriptive analytics

Answer 6

how to make something happen (what-if, machine learning)

Question 7

ETLP

Answer 7

extract, tranform, load, process