Concept
Four Types
Descriptive (what happened), Diagnostic (why), Predictive (what might happen), Prescriptive (what should we do).
PostedUpModule Details
ISCLesson 2 of 3
Data Analytics for CPAs
Key Point
Benford's Law
Leading digit 1 appears ~30% of the time. Deviations may indicate fraud. Auditors use this to test entire populations.
Concept
Analytics in Auditing
Analyze 100% of transactions, identify outliers, test journal entries for fraud patterns, continuous monitoring.
Ready to test your knowledge?
Practice questions from this module to reinforce what you learned.