A9 Audit Data Analytics

Question 1

Data Processing

Answer 1

Covers automated extraction & data transformation

Question 2

Automated Extraction

Answer 2

Includes the use of tools to pull specific data.

Question 3

Data Transformation

Answer 3

Using tools (excel, python, etc.) to transform data into usable formats as needed

Question 4

Data Organization

Answer 4

Involves data cleansing and structuring that includes cleaning data to identify and correct errors. Meanwhile structuring uses tools to structure unstructured data into more organized format.

Question 5

Data Presentation

Answer 5

Involves visualization tools (charts, graphs, etc.) that help identify trends & patterns.

Question 6

Descriptive Analytics

Answer 6

Describes what happened within the data. Summarizes what happened by calculating averages, variances, or frequencies.

Question 7

Predictive Analytics

Answer 7

Provide expected/ predicted outcomes based on historical data. Forecasts trends that aids in risk assessment & planning audit activities. Examples include regression analysis, forecasting sentiment analysis etc.

Question 8

Scatter Plot

Answer 8

Allow for the auditor to graphically show the relationship among variables. They also allow regression lines to be added in order to show the direction and strength of the correlation

Question 9

Pie Charts, Bar Charts, Line Charts, Bullet Charts

Answer 9

Pie charts demonstrate proportional information

Bar Charts demonstrate comparative Information

Line Charts Demonstrate Trend Information

Bullet Charts are for Variance Analysis

Question 10

Inner Join

Answer 10

Only uses the records that both data sets have in common

Question 11

Diagnostic Analytics

Answer 11

Explains why something happened within the data

Question 12

Prescriptive Analytics

Answer 12

Advises the use of or prescribes/recommends actions to be taken based on advanced analytics to reach a desired goal.

Question 13

Primary Key

Answer 13

A unique identifier that allows a user to identify a specific record in a database.

Question 14

Foreign Key

Answer 14

A column or column group found in a relational database table that links data between 2 tables. It also references the primary key of another table.

Question 15

Secondary Key

Answer 15

A anon identifying column or column set used to find a row in a table. Also serves as a candidate for a primary key.

Question 16

Schema

Answer 16

The organization of data that represents the construction of the database management system (DMS)

Question 17

Attributes

Answer 17

Represent properties that describes objects

Question 18

Structured Data vs Unstructured Data

Answer 18

Structured Data is organized consistent types of data & easily searchable. (spreadsheets, databases, etc.)

Unstructured Data is unorganized and not as easily searchable. Its data in the rawest form and difficult to sort (Social media posts, interview/ phone transcripts, videos, images, etc).

Question 19

Normalization

Answer 19

A database design technique that reduces data redundancy by dividing large tables into smaller tables that are linked together with a foreign key.

Question 20

Relational Database

Answer 20

An effective way to reduce data redundancies for a structured set by using the concept of keys.

Question 21

Classification

Answer 21

A predictive Analytic that allows the auditor to utilize historic data to make predictions about what classes or categories best firs a new data point