Chat with us, powered by LiveChat DEA Assignments: IDEA is analytical software commonly used in auditing.? There is a link in Start Here to the software which you downloaded in week 1. This software is needed again for ass | WriteDen

DEA Assignments: IDEA is analytical software commonly used in auditing.? There is a link in Start Here to the software which you downloaded in week 1. This software is needed again for ass

 

DEA Assignments:

IDEA is analytical software commonly used in auditing.  There is a link in Start Here to the software which you downloaded in week 1. This software is needed again for assignments this week.  The data files were loaded in week 1 when the software was installed. Remember to use the tutorial videos provided by IDEA.

Graded Activity:

IDEA Assignments –

Open and complete the assigned problem(s) in the attached document for the week and upload your results for grading as instructed.

IDEA Problem 7

There is technical assistance available for the educational version of IDEA, please contact technical support: 1-888-641-2800 Option#4 or email the help desk at [email protected]

Review the IDEA Manual , Section 2-Accounts Receivable if needed to obtain a better understanding of any of the features presented. NOTE: the page numbers will vary depending on the manual you are using due to operating system differences in your computers.

Hint : Staying actively involved while reviewing the tutorial assignment will help you to complete the IDEA problems more efficiently.

Please submit your answers to the following problems to your instructor in a Word document. You may need to take a screen shot of your results and copy them into the Word document to upload if asked to perform any analysis using the software

Problem 7a

Open the Sample-Detailed Sales file. This file was automatically loaded in when you installed the software in week 1.

· An audit procedure that is useful for identifying potential risks is to scan transactions for large and/or unusual items. IDEA can help with such a procedure by expediting the scanning process, especially when the database of transactions is large. Watch the video called "Watch Video IDEA v10 Tutorial – Chapter Ten – Stratification", with the Sample-Detail Sales file open, on the Analysis tab select Stratification to open the Stratification window. Select SALES_PLUS_TAX under Fields to stratify on and Fields to total on. Set the Increment at 200. Click in the>=Lower Limit to set to 0 and the < Upper Limit set to $100,000). Print screen the results to submit in with your answer for this problem.

· Comment on the results. Are there transactions that an auditor may deem as potentially large and/or unusual in comparison to other transactions?

· If so, do some additional investigation (find the detail to the exceptions) and record your potential concerns.

Delete this Stratification

Problem 7b

Using the same Sample-Detailed Sales file if there are any unusual sales. Hint: look at the field statistics for SALES_PLUS_TAX and determine the number of transactions above the average for this field. Print screen the results to submit in with your answer for this problem.

· Comment on the results. How many transactions are above the average?

· Do you see any potentially large and/or unusual transactions in comparison to other transactions? If so, do some additional investigation (find the detail to the exceptions) and record your potential concerns.

Close this file

Problems 7c

Print the history log for this problem Hint: Use History in the Properties window and be sure to expand all sections by clicking on the + sign. Print screen the results to submit in with your answer for this problem.

IDEA Problem 8

There is technical assistance available for the educational version of IDEA, please contact technical support: 1-888-641-2800 Option#4 or email the help desk at [email protected]

Review the IDEA Manual , Section 2-Accounts Receivable if needed to obtain a better understanding of any of the features presented. NOTE: the page numbers will vary depending on the manual you are using due to operating system differences in your computers.

Hint : Staying actively involved while reviewing the tutorial assignment will help you to complete the IDEA problems more efficiently.

Please submit your answers to the following problems to your instructor in a Word document. You may need to take a screen shot of your results and copy them into the Word document to upload if asked to perform any analysis using the software

Open the file called Sample-Detailed Sales. Make sure any prior command are cleared so all 900 records display.

Problem 8a

Use IDEA to determine the sample size an auditor should use for attributes sampling given the criteria listed below (Hint: In the Analysis tab, choose Attribute to open the Attribute Sampling window):

Enter the following information

· Confidence level is 95

· Population size is 900

· % Tolerable deviation rate is 8

· % Expected deviation rate is 3

· Click Compute. What is the recommended sample size? Print screen the results to submit in with your answer for this problem.

Problem 8b

How would the sample size change if all sample-size inputs listed in Problem 8a stayed the same with the exceptions listed below? Please evaluate each item independently by resetting the inputs to those listed in Problem 8a and changing only the one factor listed in each item below. Record what the new sample size would be for each scenario.

a. Confidence level dropped to 90 percent?

b. Population size increased to 500,000?

c. Expected deviation rate increased to 4%?

d. Tolerable deviation rate decreases to 7%?

e. Tolerable deviation rate increases to 15%?

Print screen each item to submit in with your answer for this problem.

Problem 8c

IDEA is able to generate a random sample. Watch the video called " IDEA 10: Random Sampling", with the Sample-Detailed Sales file open, on the Analysis tab, select Random. Enter 25 for the Number of records to select. Enter 7 for the Random number seed. Rename the File name to "Rand Sample” leave the other settings as they are and click OK. IDEA will generate a new tab displaying your random sample. Print screen each item to submit in with your answer for this problem.

· How many exceptions did you observe in your sample of 25?

· Evaluate the sample using Analysis, Attribute and the Sample Evaluation tab at 90% confidence. The tolerable deviation rate is 15%. Print screen each item to submit in with your answer for this problem. Are the controls effective?

Problems 8d

Print the history log for this problem Hint: Use History in the Properties window and be sure to expand all sections by clicking on the + sign. Print screen the results to submit in with your answer for this problem.

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Submit your answers to Problems 7 and 8 in the same Word document. Be sure to label your answers clearly with the problem numbers and clearly identify the print screens of your results.

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