Using Visualization Software in the Audit of Revenue Transactions to Identify Anomalies
Question Description
- Read the articles assigned by your instructor to gain an understanding about how Big Data, data analytics, and new technologies are transforming external audits. After reading these articles, provide a response to the following two questions:
a. Discuss at least three specific ways in which Big Data, data analytics, and new technologies can enhance externalaudits. How does each item discussed improve the effectiveness and/or efficiency of the audit?
b. On the other hand, what challenges do auditors face when using Big Data, data analytics, and new technologiesduring an audit? - As noted in the case, auditing standards specifically require auditors to identify revenue recognition as a fraud risk inmost audits. Based on your understanding of the company, what factors may increase the risk of fraudulent financialreporting in Souper Bowl’s 2016 revenues?
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