July Stines2020-08-20 13:39:502020-08-20 13:43:52Identify three different questions that might indicate internal control weakness specially internal controls over the order-to-cash process
The purpose of this critical thinking assignment is to help you identify relevant questions that may be answered using data analytics in auditing. In this assignment, we evaluate how one might use master and transaction data from an Enterprise Resource Planning (ERP) system to perform data analytics to assist the financial statement audit.
Complete Lab 1-3: Data Analytics in Auditing (Attached) . When completed, answer the following questions:
- Identify three different questions that might indicate internal control weakness specially internal controls over the order-to-cash process . Type your three questions in your document.
- Identify the data that you would need to answer each of your questions. For example, to determine the timing of approval and who is involved, you might need the approver id., the order date, and the approval date. Add your required data sources to each question in your document.
Part 2: Master the Data
- Access the COSO Framework and located the Internal Control category and Principles that are relevant to Cash.
- Locate the “Audit Data Standards Library—AICPA,” then look for the “Audit Data Standard—Order to Cash Subledger Standard” PDF document.
- Read and review the document for fields that relate to each question you identified in Part 1. For example, if you’re looking for the shipment timing and approval data, you would need the Shipments_Made_YYYYMMDD_YYYYMMDD table and Approved_By, Entered_Date, and Approved_Date fields. List the tables and fields from the audit data standard in your document needed for each question. List the relevant COSO Category and Principles. Additionally add the COSO approaches for each question that apply.
- Identify any data that don’t appear in the audit data standard that might also be relevant to your questions.
Required: Discuss in detail each of the components above. Prepare an Excel table with the fields required above.
Your well-written paper must be 3-4 pages in addition to title and reference pages,page paper must include five references, and at least two being scholarly/peer-reviewed discovered through the CSU-Global library.