Auditor?
I just met her?
I just met her?
You get notified that there was an issue with the three-way match for a recent cash disbursement. When you go to check it, there wasn't actually an issue. This is an example of a (an)
False Positive
You want a report to see if financial reporting controls are designed and operating effectively for the fiscal year 2021....what kind of report do you need!
SOC 1 - Type 2 Report
Wait a second...when I look at leading digits of all my expenses, 1 shows up the most, then 2, then 3...what is this magic?
Benford's Law
I want to figure out if a new customer will be categorized as "Good", "Bad", "Neutral". I should use this Analytic Type.
Classification
XBRL....what does it stand for?
eXtensible Business Reporting Language
A famous swashbuckling trio of old
3 Muskateers
Relevance and Reliability
You want to see if there are controls around confidentiality that are designed effectively as of June 30th, 2021
SOC 2 - Type 1
Name two red flags that may trigger an audit!
Unreported Income or Information mismatch or related exams or part of a tax scam
Are there any natural groupings in my data? This analytic type will tell me.
Clustering
XBRL...Who has to use it?
All publicly traded companies
Can’t hold onto anything
Butterfinger
If you are auditing a company with five different types of ERPs, it is considered this type of ERP system
Heterogenous
You want to see if there are privacy controls that have been designed and are operating effectively for January 1st through March 30th, 2021.
SOC 2 - Type 2
I am looking at tweets about Arrested Development. I want to look at post related to the show not the musical group. What classification method could help me?
Naive Bayes
I need to forecast salary salary expense. My boss says that headcount, revenue, and utilities expense will be good predictors. I can use this type of analytic to predict salary expense.
Regression
If I want to evaluate a company's performanc year over year, I'll use this type of (directionally named) approach.
Horizontal Analysis
Favorite day for working people
PayDay
This type of regression can be used to help me categorize a transaction I'm auditing as "Fraudulent" or "Not Fraudulent"
Logistics Regression
You want to see if the controls around financial reporting are designed effectively as of October 31st, 2021.
SOC 1 - Type 1
I'm the algorithm that the IRS uses to determine who gets audited....aka, your worst nightmare!
Discriminant Function Algorithm
I want to look just the expenses incurred for my company that exceeded $15,000.
Data Reduction
This is the section of the balanced scorecard where I'd list KPIs related to consumer complaints
Customer
Two Female Pronouns
Hershey (Her/She)
Unsupervised
You want to see if processing integrity controls have been designed effectively as of December 31st, 2021.
SOC 2 - Type 1
Optical Character Recognition utilizes Computer Vision as well as this AI Capability to translate paper invoices into machine readable text
Natural Language Processing
I have developed a profile for my ideal vendor. They have less than 100 employees, are local (within 50 miles), and have been in business for at least 10 years. I want to take this profile and find the vendors who fit it. I can use this analytic approach to do this.
Similarity Matching
Short term vs. Long term
Subjective vs Objective
Strengths vs Weaknesses
External vs Internal
Not laughing out loud
Snickers