Exam (elaborations)
ACIS 5654 Final Exam Questions And Answers Latest Update
- Course
- ACIS 5654
- Institution
- Virginia Tech
ACIS 5654 Final Exam Questions And Answers Latest Update
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Solution 2024/2025Pepper
ACIS 5654 Final Exam Questions And Answers
Latest Update
Continuous Auditing ANS✔✔ provides real-time assurance over business
processes. This provides increased coverage and timeliness of audit
procedures
Continuous Monitoring ANS✔✔ evaluates controls and transactions and is
primarily used by management to show effectiveness of internal controls
Continuous Reporting ANS✔✔ provides the status of the audit procedures
and output of the information systems (tells you if you have issues)
Continuous Response ANS✔✔ when a continuous auditing rule is violated,
an exception occurs which generates an alarm. Auditors evaluate
exceptions to determine whether the event is problematic (true positive) or
normal (false positive). When too many alarms are false positive, auditors
face information overload, which could distract them from adequately
evaluating the system.
False Positive ANS✔✔ no problem & alarm (Tighten parameters)
True Positive ANS✔✔ problem & alarm
False Negative ANS✔✔ problem & no alarm (Loosen parameters to capture
the right things)
, Solution 2024/2025
Pepper
True Negative ANS✔✔ no problem & no alarm
Audit Parameters ANS✔✔ set to balance the amount of false positive
exceptions and limit the number of alarms generated
Audit Data Analytics ANS✔✔ can help to improve the nature, timing, and
extent of audit procedures (and can be applied to the auditing function to
increase coverage of the audit, while reducing the time the auditor
dedicates to the audit tasks)
Nature ANS✔✔ represents why we perform audit procedures
Timing ANS✔✔ tells us how often the procedures should be run
Extent ANS✔✔ indicates how much we can test
Descriptive Analytics ANS✔✔ summarize activity or master data on specific
attributes (what happened)
Descriptive Analytics Types ANS✔✔ age analysis, sorting, summary
statistics, sampling
Descriptive Analytics Example ANS✔✔ Analysis of new accounts opened and
employee bonuses by employee and location
Age Analysis ANS✔✔ groups balances by date
, Solution 2024/2025
Pepper
Sorting ANS✔✔ identifies largest or smallest values
Summary Statistics ANS✔✔ mean, median, min, max, count, sum
Sampling ANS✔✔ random and monetary unit sampling
Descriptive Analytics Example ANS✔✔ aging accounts receivable
Diagnostic Analytics ANS✔✔ look for correlations or patterns of interest
(provide more details into not just the records, but also records or groups of
records that have some standout features) (why did it happen?)
Diagnostic Analytics Types ANS✔✔ Z-score, benford's law, drill-down,
clustering, exact & fuzzy matching, sequence check, stratification
Z-Score ANS✔✔ outlier detection (3 is rare)
Benford's Law ANS✔✔ identifies transactions or users with nontypical
activity based on the distribution of first digits
Drill-Down ANS✔✔ explores the details behind the values
Clustering ANS✔✔ groups records by non obvious similarities
Exact & Fuzzy Matching ANS✔✔ joins tables and identifies plausible
relationships
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