ACG4651 AUDIT Simulation 3

Post ID: 3416848

Introduction

IDEA is one of the most widely used tools in the audit world to analyze raw data received from clients (such as transaction data from the general ledger). The goal of this analysis is to help uncover unusual activity (postings on weekends, postings late at night, etc.), which can be further evaluated by selecting these items as part of your sample to test a GL account. This tool also assists in generating random samples, if that is the route you will go for sample selection.

As you can tell from the above, becoming familiar with IDEA will help you better understand the world of an auditor and his tools and better equip you to communicate with auditors.

How to Access IDEA

Please review the file below for step by step instructions on registering with CaseWare Analytics (the creators of IDEA), and downloading the application and required files for the simulation.

Getting Started Guide

(attached)

Course Access Code: 3SGPYHGH

Tasks to be Completed

Register with CaseWare Analytics
Download IDEA and the IDEA Workbook zip file
- Contains IDEA Data Analysis Workbook and case study files you will use for the assignment
Complete Exercises in Section 4 - Inventory Analysis
Deliverables:

1. Screenshots of the results for every exercise in section 4.
  - Make sure that your screenshots capture the complete results before moving on.
3. History Log
  - See page 50 for a few screenshots and a brief discussion on the History Log (this section is related to Receivables, but it gives you an idea. Sections 5.6 and 5.61 on pages 257-258 has more detailed discussion (but no screenshots) of the History Log.
    Introduction
    The course simulation will entail using IDEA, a widely use analysis and sampling tool by most audit firms. This assignment will allow you to get hands-on experience and better prepare those of you who will be auditors with practical knowledge that will help you be successful professionals. For students going a route other than Audit, such as tax or corporate accounting, this assignment will help you to better understand the world of audit, with which all of you will interact throughout your careers. You will be required to read certain sections of Chapter 12, Financial Statement Analysis. Tasks to be Completed
    - Register for our class via Caseware Analytics' portal. See the link below for further instruction.
      - Getting Started Guide
    - Download and install IDEA from the Caseware Analytics portal.
    - Download IDEA workbook and data sets from Caseware Analytics portal.
    - Submit your simulation due is indicated on our Syllabus
    IDEA is not supported on Macs, but Caseware has been kind enough to provide us with UNSUPPORTED instructions for how you might be able to get IDEA to work on macOS. Click here for their suggested instructions.I estimate that this assignment will take you about four hours to complete.NOTE: It may take up to 3 days for your account on the Caseware Analytics portal to be activated, so I suggest registering as soon as possible to avoid delays. To adhere to FIU grade submission deadlines, due dates cannot be extended so don't wait till the last minute to register on the Caseware Analytics portal.