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AUI3704 ASSIGNMENT 3
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AUI3704 ASSIGNMENT 3
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Started on Thursday, 31 August 2023, 11:23 AMState Finished
Completed on Thursday, 31 August 2023, 11:31 AM
Time taken 8 mins 10 secs
Marks 33.00/33.00
Grade 100.00 out of 100.00
Question 1
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Mark 18.00 out of 18.00
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Question text
TECHNOLOGY (18 Marks)
The increasing sophistication of technology and the progressive digitisation of business
have altered the manner in which audits are conducted.
"Internal auditors cannot stand by and watch as the business world embraces new technology.
The tools and techniques used in the past are no longer adequate; we need to restock our
toolboxes with various software and applications to meet the challenges of auditing in today’s
business environment." (Coderre 2009)
REQUIRED:
Select and drag the most appropriate word(s)/option to the blank space(s) provided, to
complete the sentences below:
The current trends in the use of technology are the following:
Audit teams are more focused on innovative means to gather ,
analyse and file evidence as part of internal audit processes.
The use of technology such as artificial intelligence, robotics
and machine learning is critical in conducting internal audits in the
future.
Most face-to-face meetings are replaced with virtual meetings
using video streaming technology.
Internal audit teams are focusing more on emerging risks and their
possible impacts on the organisation.
Internal auditors are performing risk assessments more effectively,
designing more appropriate audit procedures , and investigating
anomalies that might have gone undetected.
Data analytics gives auditors the ability to analyse an entire
population of data for anomalies, trends, and areas
of high risk , providing more complete and detailed insights.
Auditors are also using analytics to gain an understanding of the
flow of data through a client's system, enabling more effective and
precise audit planning .
, In risk assessment, properly planned audit procedures can help
identify previously unidentified risks and provide information to
help the auditor address risks of material misstatement.
Some of the standard engagement letters that the internal auditor
sends to the auditee are automated.
Auditors may use interactive applications to
provide real-time industry data such as occupancy rates of a
hospital and trend analysis and reports to inform their work.
gather file develop manage
conference simulated
mechanisation automation
threats dangers
control concern
audit planning audit procedures audit techniques audit working papers
engagement letters reports accounts
regular standard
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Your answer is correct.
The correct answer is:
TECHNOLOGY (18 Marks)
The increasing sophistication of technology and the progressive digitisation of business
have altered the manner in which audits are conducted.
"Internal auditors cannot stand by and watch as the business world embraces new technology.
The tools and techniques used in the past are no longer adequate; we need to restock our
toolboxes with various software and applications to meet the challenges of auditing in today’s
business environment." (Coderre 2009)
REQUIRED:
Select and drag the most appropriate word(s)/option to the blank space(s) provided, to
complete the sentences below:
The current trends in the use of technology are the following:
Audit teams are more focused on innovative means to [gather],
analyse and [file] evidence as part of internal audit processes.
The use of technology such as artificial intelligence, robotics and
[machine learning] is critical in conducting internal audits in the
future.
Most face-to-face meetings are replaced with [virtual] meetings
using video streaming technology.
Internal audit teams are focusing more on emerging [risks] and their
possible impacts on the organisation.
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