ANALYTICS ACTUAL TEST PAPER WITH COMPLETE ANSWERS
● An auditor will perform predictive analytics before diagnostic
analytics.
True
False Answer: False
● Benford's Law predicts the distribution of first digits.
True
False Answer: true
● Audit Data Standards (ADS) were developed by the SEC.
true
false Answer: false
,● Artificial intelligence is designed around the idea that computers can
learn about action or behavior from the past and predict the course of
action for the present.
true
false Answer: false
● Which items would be currently out of scope for Data Analytics?
A. Direct observation of processes
B. Evaluation of time stamps to evaluate workflow
C. Evaluation of phantom vendors
D. Duplicate payment of invoices Answer: A
● What would be the sampling interval if we are using a manual
approach to monetary unit sampling for a book value of $2,000,000 and
a sample size of 200?
A. 10,000
B. 1,000
C. 100,000
D. cannot be determined Answer: A
, ● Monetary unit sampling is more likely to:
A. sample accounts with smaller balances.
B. sample accounts with less risk.
C. sample accounts with larger balances.
D. sample accounts with more risk. Answer: C
● The determinants for sample size include all of the following except:
A. confidence level.
B. tolerable misstatement.
C. potential risk of account.
D. estimated misstatement. Answer: C
● CAATs are automated scripts that can be used to validate data, test
controls, and enable substantive testing of transaction details or account
balances and generate supporting evidence for the audit. What does
CAAT stand for?
a. Computer-aided audit techniques
b. Computer-assisted audit techniques
c. Computerized audit and accounting techniques
d. Computerized audit aids and tests Answer: b
● An auditor will perform predictive analytics before diagnostic
analytics.
True
False Answer: False
● Benford's Law predicts the distribution of first digits.
True
False Answer: true
● Audit Data Standards (ADS) were developed by the SEC.
true
false Answer: false
,● Artificial intelligence is designed around the idea that computers can
learn about action or behavior from the past and predict the course of
action for the present.
true
false Answer: false
● Which items would be currently out of scope for Data Analytics?
A. Direct observation of processes
B. Evaluation of time stamps to evaluate workflow
C. Evaluation of phantom vendors
D. Duplicate payment of invoices Answer: A
● What would be the sampling interval if we are using a manual
approach to monetary unit sampling for a book value of $2,000,000 and
a sample size of 200?
A. 10,000
B. 1,000
C. 100,000
D. cannot be determined Answer: A
, ● Monetary unit sampling is more likely to:
A. sample accounts with smaller balances.
B. sample accounts with less risk.
C. sample accounts with larger balances.
D. sample accounts with more risk. Answer: C
● The determinants for sample size include all of the following except:
A. confidence level.
B. tolerable misstatement.
C. potential risk of account.
D. estimated misstatement. Answer: C
● CAATs are automated scripts that can be used to validate data, test
controls, and enable substantive testing of transaction details or account
balances and generate supporting evidence for the audit. What does
CAAT stand for?
a. Computer-aided audit techniques
b. Computer-assisted audit techniques
c. Computerized audit and accounting techniques
d. Computerized audit aids and tests Answer: b
