Accounting
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Homework10.docxHomework 10
IDEA 10 CI202 IDEA Data Analysis Workbook: https://www.dropbox.com/s/dl64xm1l6no3uk8/Workbook%20v10.zip?dl=0
From the CI202 IDEA Data Analysis Workbook, read Pages 187-228 and perform the tasks specified on these pages in the IDEA Workbook.
Submit to the Assignments folder files supporting your work and the Conclusions reached as shown and described on the following pages titled Conclusion in the Workbook: Pages 200, 204, 211, 216, 225, and 228. Note before you get to the first Conclusion on Page 200, you will have to carefully execute all of the IDEA commands detailed on Pages 187-200; similarly, for the rest of the Conclusion pages detailed above.
In the IDEA Assignment this week, you will be learning about and identifying the risks (both financial and operational risk) associated with inventory that can be potentially identified by computer assisted audit procedures, and the potential tests that can be used to help address those risks
First, read Page 184 to get an overview of the potential risks in the inventory control system and processes areas, and the business and audit implications of each risk as well as the audit objectives which can be addressed by certain audit tests
Then, read Pages 185-186 for the Potential Tests that can be performed in analyzing an inventory control system
Page 186 outlines the Case Scenario for Inventory at Bright IDEAs Inc., where the CFO has asked you to analyze the extent of some potential problems in the inventory control system, including for example inventory obsolescence, inventory stock outs (an operational problem), and the accuracy of the product margin analysis is in question, plus the CFO is concerned about the re-order levels for inventory included in the system (another operational problem-notice how IDEA can be used not only for computer-based auditing, but to provide clients with other non-audit services which are important to relationship-building with audit clients, especially.
Submit to the Assignments folder files or the corresponding Output Reports all copied and pasted into MS Word supporting the findings listed for each of the Conclusions on Pages 200, 204, 211, 216, 225, and 228 of the Workbook. There are 3 Audit Findings listed on Page 228 that should be reported to the Client and also part of your submission.
Create a document in MS Word that briefly documents the audit or data analysis process(es) that you employed using IDEA to arrive at each of the different Conclusions and the 3 Audit Findings. In your document, each Conclusion and each of the 3 Audit Findings should have a brief narrative section as well as a corresponding screenshot(s) from IDEA to support your written findings and/or your related comments related to the findings. All required screenshots must be inserted into your MS Word document for credit
