SB G Q&A
The largest audit firms in the world have been devoting significant time and money in an
attempt to harness the power of , advanced analytical tools and other emerging
technologies to improve the financial statement audit. - (correct answer)Blank 1: Big
Blank 2: Data
"The science and art of discovering and analyzing patterns, identifying anomalies, and
extracting other useful information in data underlying or related to the submit matter of
an audit through analysis, modeling, and visualization for the purpose of planning or
performing the audit" is the definition of ______. - (correct answer)audit data analytics
As a general concept, the term implies an elemental level of numbers and/or characters
within an organization. - (correct answer)Blank 1: data
When considering the data chain, is otherwise known as sufficient, appropriate
evidence. - (correct answer)Blank 1: wisdom
The systematic computational analysis of data in a manner that yields insight in the
audit process is, at a basis level, the meaning of - (correct answer)Blank 1: analytics
There is little doubt that th development of new audit techniques that take full advantage
of , advanced analytical tools, artificial intelligence, and robotic process automation offer
the potential to improve audit efficiency and effectiveness. - (correct answer)Blank 1:
Big
Blank 2: Data
In this new world of audit data analytics, it is important to ______. - (correct
answer)consider the usefulness of the data
Facts and/or statistics that are collected together for some type of reference point or
analysis, ultimately within a context is - (correct answer)Blank 1: data
, The data chain consists of ______. - (correct answer)knowledge
information
wisdom
To maximize the usefulness of big data, the audit of the future will have to employ in a
robust and meaningful way. - (correct answer)Blank 1: analytics
The steps of the analytics chain (in order) are understanding, , , and deployment. -
(correct answer)Blank 1: cleansing
Blank 2: modeling
Blank 3: evaluation
One way to prioritize the ideas generated during the brainstorming session is with a(n) -
(correct answer)Blank 1: heat
Blank 2: map
True or false: The increased use of data and analytical tools has the potential of
improving the efficiency of risk assessment procedures, but will not likely increase the
effectiveness of analytical procedures during the planning stages of the audit. - (correct
answer)False
ADA has a major impact on transaction level control testing by enabling the auditor to
more easily ______. - (correct answer)test the entire population
In order for auditors to be able to achieve a high level of substantive comfort, when
designing a test, auditors need to think carefully about ______ when finalizing the audit
plan. - (correct answer)predictability
The largest audit firms in the world have been devoting significant time and money in an
attempt to harness the power of , advanced analytical tools and other emerging
technologies to improve the financial statement audit. - (correct answer)Blank 1: Big
Blank 2: Data
"The science and art of discovering and analyzing patterns, identifying anomalies, and
extracting other useful information in data underlying or related to the submit matter of
an audit through analysis, modeling, and visualization for the purpose of planning or
performing the audit" is the definition of ______. - (correct answer)audit data analytics
As a general concept, the term implies an elemental level of numbers and/or characters
within an organization. - (correct answer)Blank 1: data
When considering the data chain, is otherwise known as sufficient, appropriate
evidence. - (correct answer)Blank 1: wisdom
The systematic computational analysis of data in a manner that yields insight in the
audit process is, at a basis level, the meaning of - (correct answer)Blank 1: analytics
There is little doubt that th development of new audit techniques that take full advantage
of , advanced analytical tools, artificial intelligence, and robotic process automation offer
the potential to improve audit efficiency and effectiveness. - (correct answer)Blank 1:
Big
Blank 2: Data
In this new world of audit data analytics, it is important to ______. - (correct
answer)consider the usefulness of the data
Facts and/or statistics that are collected together for some type of reference point or
analysis, ultimately within a context is - (correct answer)Blank 1: data
, The data chain consists of ______. - (correct answer)knowledge
information
wisdom
To maximize the usefulness of big data, the audit of the future will have to employ in a
robust and meaningful way. - (correct answer)Blank 1: analytics
The steps of the analytics chain (in order) are understanding, , , and deployment. -
(correct answer)Blank 1: cleansing
Blank 2: modeling
Blank 3: evaluation
One way to prioritize the ideas generated during the brainstorming session is with a(n) -
(correct answer)Blank 1: heat
Blank 2: map
True or false: The increased use of data and analytical tools has the potential of
improving the efficiency of risk assessment procedures, but will not likely increase the
effectiveness of analytical procedures during the planning stages of the audit. - (correct
answer)False
ADA has a major impact on transaction level control testing by enabling the auditor to
more easily ______. - (correct answer)test the entire population
In order for auditors to be able to achieve a high level of substantive comfort, when
designing a test, auditors need to think carefully about ______ when finalizing the audit
plan. - (correct answer)predictability
