Digital GAM: IMI Edition
Digital GAM: IMI Edition Quiz
Test your knowledge on EDAPs, journal entry auditing, and correlation analysis in the context of digital auditing with our engaging quiz. This quiz is designed for professionals looking to enhance their understanding of significant auditing concepts.
- Multiple choice questions
- Real-world relevance
- Assess your understanding and skills
EDAPs Introduction: What is an EDAP?
EDAPs represent the critical points for the PIC of the audit, through discussion with other team members, to approve key decisions during the planning phase of the audit.
EDAPs represent the critical points for the PIC of the audit, through discussion with other team members, to approve key decisions on a timely basis.
EDAPs represent the critical points for the PIC of the audit, through discussion with other team members, to approve key decisions at the conclusion of the audit.
EDAPs represent the critical points for the PIC of the audit, through discussion with specialist, to approve key decisions on a timely basis.
EDAPs Introduction: Which of the following is a benefit of EDAPs?
EDAPs involve all team members in important decisions
EDAPs are good opportunities for in-person team touch points
EDAPs drive timely documentation, approval, and sign-off
EDAPs lead to more thorough detail reviews
EDAPs Introduction: Which of the following is NOT required to be documented in each EDAP Form?
Date the EDAP was held
Team members in attendance
Detailed minutes of meeting
Attestation signifiying that the audit team has updated the documentation in the underlying audit evidence
Auditing Journal Entries: Which of the following is a difference in the data-driven approach to testing journal entries as compared to the traditional approach?
The ability to filter journal entries by commonly accepted attributes considered to indicated a higher risk of management override
Testing can be enhanced through the use of artificial intelligence
Testing is performed concurently with the testing of other audit procedures
Difficulty in obtaining full population of journal entries
Audit Strategy and Risk Assessment: Which of the following is TRUE as it relates to completing the primary substantive procedures (PSPs) and HxPSPs?
As long as we complete the PSPs, we will address all risks of material mistatement.
It is rare that we would need to design an OSP to address a risk of material mistatement.
The PSPs represent typical procedures performed to address risk of material mistatement for an assertion when inherent risk has been assessed as lower.
We are required to complete all PSPs for all assertions.
Introduction to hxPSPs: Which of the following is completed without using the Analyzers in the account-based audit programs?
Reviewing trends and fluctuations in accounts; souces of activity; and double-entry postings
Procedures designed to understand the business and identify and understand the SCOTs
Observation of physical inventory procedures
Substantive procedures, including substantive analytical procedures and test of details
Introduction to hxPSPs: In which audit program do we need to consider data subsequent to the year-end (exclusing cut off testing)?
Correlation Analysis within GLA:
Selected accounts:
Primary: Purchases, Secondary: Trade payable, Tertiary: Cash
Q1: Is the entry included in the Primary and Secondary correlation?
Q2: What is the correlation difference?
Dr. Purchases $80
Dr. Input VAT $20
Cr. Trade Payable ($100)
Yes; 25%
Yes; -25%
No: 25%
No; -25%
Correlation Analysis: What is type of threshold(s) do we apply when we investigate correlation diferrences and uncorrelated amounts?
Pecentage
Monetary
Both
Correlation Analysis: What time of procedure is correlation considered to be?
Understand the Business with a Data-First Approach: What core reports are required to be retained and documented as part of UTB completion?
Lead sheets and Activity analyses
Preparer map and Process map
Analyze balance sheet and Analyze income statement
Identify and understand booking patterns and Process map
SCOTs: Which of the following is TRUE regarding the identification of SCOTs when using a data-first approach?
We should rely solely on the use of automated techniques (inclusing the use of EY Helix) to identity SCOTS.
We should use a combination of automated techniques and traditional procedures (i.e., inquiry, observation, inspection) to identify SCOTs.
Automated techniques, while useful for substantive procedures, are not used in the risk assessment and planning stages of the audit.
Use of Subledger Analyzer data is required for every SCOT.
SCOTs: Which of the following automated techniques can assist teams when identifying SCOTs during the planning stages of the audit?
Substantive: (T/F) The number of procedures must match the number of risks identified for us to achieve the level of evidence required.
It is a EY Tool that we can use to access everything we need for a digital audit including the Helix Analyzers, Smart Automation, and Digital Audit enablement.
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