Superior Essay Writers | Data Analytics in Auditing

Data Analytics in Auditing

Company Summary
XYZ Corporation is a large retailer that collects its order-to-cash data in a large ERP system that was recently
updated to comply with the AICPA’s audit data standards. XYZ Corporation currently collects all relevant data
in the ERP system and digitized any contracts, orders, or receipts that are completed on paper. The credit
department reviews customers who request credit. Sales orders are approved by managers before being sent
to the warehouse for preparation and shipment. Cash receipts are collected by a cashier and applied to a
customer’s outstanding balance by an accounts receivable clerk.
You have been assigned to the audit team that will perform the internal controls audit of XYZ Corporation.
Part 1: Identify appropriate questions and develop a hypothesis for each question
Your audit team has been tasked with identifying potential internal control weaknesses within the order-to-cash
processes.

Create a new word document and name the file ACCT 5345 Assignment 2_Your Name
Use what you know about internal controls over the order-to-cash process (or search the web if you need a
refresher) to identify three different questions that might indicate internal control weakness. For example, if you
suspect that a manager may be delaying approval of shipments sent to customers, your question might be “Are
any shipping managers approving shipments more than 2 days after they are received?” Type your three
questions into your document.
Next to each question generate a hypothetical answer to each question to help you identify what your
expected output would be. You may use some insight or intuition or search the Internet for ideas on how to
inform your hypothesis. For example: “Hypothesis: Only 1 or 2 shipping managers are approving shipments
more than 2 days after they are received.”
Finally, 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.

Sample Solution

Those people held under mental health legislation the principle of consent continue to apply for condition not related to the mental disorder. Nurses who are involved in the care or treatment of patients detained under the relevant mental health legislation, must ensure that they are aware of the circumstances and safeguards needed for providing treatment and care without consent (NMC, 2011) The similarity between Adult and Child branch In both Adult and Mental Health settings seeking consent is part of a respectful relationship, regardless of the patient’s age, gender, culture, background and race. Therefore, consent may be withdrawn at any time, even after signing a consent form.. Another similarity is that when asking consent the healthcare professional has to identify whether the person is able to understand what is being said and the person’s state of mind. This is where patients are competent and free from mental illness. Communication difficulties may arise if a patient’s first language is not English, or with those who are deaf. In a case where a patient is deaf, the healthcare professional would have to communicate with them in sign language. Gaining consent is a way to promote the health of patients. In term of life and death the healthcare professional must act kindly and considerately for the child’s health if they are unable to get in touch with child’s parents. (Department of Health 2003) CONCLUSION Seeking consent is something that is important in the healthcare sector. It is important that all healthcare professionals realise the importance of following the procedure at all times as otherwise there can be legal implications. Respect on behalf of both patient and professional should lie at the heart of every decision taken. Clarity of explanation is important in order to allow the patient or someone acting on their behalf, to make an informed choice. Those involved in healthcare have a serious responsibility in ensuring that the information they offer patients is factually accurate and takes into account any differences in opinion, race, religion age or other factors. Consent increases patients’ power to make an informed choice about their situation and treatment and puts safeguards in place for both the professionals and the patient involved which should lead to the best course of action.>

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