Question 1

________ ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. ________ allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Accepted Answer

A)   Continuous reporting; continuous monitoring
B)   Continuous monitoring; continuous reporting
C)   The heterogeneous systems approach; the homogenous systems approach
D)   The homogenous systems approach; the heterogeneous systems approachE) A) and C)
F) B) and C)

Question 2

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is not classified as problematic.

Accepted Answer

A)   False negative
B)   True negative
C)   True positive
D)   False positiveE) A) and C)
F) B) and D)

Question 3

Systems translator software maps the various tables and fields from varied EMR systems into a consistent format.

Accepted Answer

A) True 
 B)False

Question 4

Heterogeneous systems represent one single installation or instance of a system.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following describes a homogenous systems approach?

Accepted Answer

A)   ensures that all of its divisions and subsidiaries use a uniform installation of the chosen ERP system
B)   allows all divisions and subsidiaries use the ERP system that works best for each location
C)   provides a single table of data with user-defined attributes that is stored separate from any application
D)   maps the various tables and fields from multiple ERP systemsE) B) and D)
F) C) and D)

Question 6

A flat file is a double table of data with user-defined attributes.

Accepted Answer

A) True 
 B)False

Question 7

Which Accounting Data Standard includes the chart of accounts,source listings,trial balance,and GL (journal entry) detail?

Accepted Answer

A)   Base Standard
B)   General Ledger Standards
C)   Order to Cash Subledger
D)   Procure to Pay Subledger StandardE) B) and C)
F) A) and C)

Question 8

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when too many alarms are false positives.

Accepted Answer

A)   Flood of alarms
B)   Exception report
C)   A negative event
D)   Information overloadE) B) and D)
F) A) and D)

Question 9

Which of the following best defines the Accounting Data Standards: Order to Cash Subledger?

Accepted Answer

A)   focuses on sales orders, accounts receivable, shipments, invoices, cash receipts, and adjustments to accounts.
B)   identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts.
C)   adds the chart of accounts, source listings, trial balance, and GL (journal entry)  detail.
D)   defines product master data, location data, inventory on hand data, and inventory movement.E) None of the above
F) A) and C)

Question 10

Both simple and complex data analytics can be applied to a client's data during the planning stage of the audit to identify which areas the auditor should focus on.

Accepted Answer

A) True 
 B)False

Exam 5: The Modern Audit and Continuous Auditing

ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Correct Answer
verified

Systems translator software maps the various tables and fields from varied EMR systems into a consistent format.

Correct Answer
verified

A flat file is a double table of data with user-defined attributes.

Correct Answer
verified

Which of the following best defines the Accounting Data Standards: Order to Cash Subledger?

Correct Answer
verified

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is not classified as problematic.

Correct Answer
verified

Heterogeneous systems represent one single installation or instance of a system.

Correct Answer
verified

Which of the following describes a homogenous systems approach?

Correct Answer
verified

Which Accounting Data Standard includes the chart of accounts,source listings,trial balance,and GL (journal entry) detail?

Correct Answer
verified

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when too many alarms are false positives.

Correct Answer
verified

Both simple and complex data analytics can be applied to a client's data during the planning stage of the audit to identify which areas the auditor should focus on.

Correct Answer
verified

Exam 5: The Modern Audit and Continuous Auditing

________ ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. ________ allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Correct AnswerverifiedShow Answer

Systems translator software maps the various tables and fields from varied EMR systems into a consistent format.

Correct AnswerverifiedShow Answer

A flat file is a double table of data with user-defined attributes.

Correct AnswerverifiedShow Answer

Which of the following best defines the Accounting Data Standards: Order to Cash Subledger?

Correct AnswerverifiedShow Answer

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is not classified as problematic.

Correct AnswerverifiedShow Answer

Heterogeneous systems represent one single installation or instance of a system.

Correct AnswerverifiedShow Answer

Which of the following describes a homogenous systems approach?

Correct AnswerverifiedShow Answer

Which Accounting Data Standard includes the chart of accounts,source listings,trial balance,and GL (journal entry) detail?

Correct AnswerverifiedShow Answer

Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when too many alarms are false positives.

Correct AnswerverifiedShow Answer

Both simple and complex data analytics can be applied to a client's data during the planning stage of the audit to identify which areas the auditor should focus on.

Correct AnswerverifiedShow Answer

ensures that all of its divisions and subsidiaries use a uniform installation of one ERP system. allows for the use of bolt on the systems of companies that are acquired and uses a series of translators to convert the output of various systems into usable financial information.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified