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Audit Data Analytics (ADA or ADAs) are defined as the science and art of discovering and analyzing patterns, identifying anomalies, and extracting other useful information in data underlying or related to the subject matter of an audit through

• A. analysis, modeling, and visualization.
• B. modeling and best estimates of analyzed accounts.
• C. analytic review, modeling, and best estimates.
• D. visualization and analytic review.

The auditor develops expectations or predictions of recorded balances and ratios when developing and performing analytics procedures. What are the best sources of information to develop analytical procedures? (Include all that might apply).

• A. Financial information from comparable period(s). Anticipated results. Relationships among Elements of Financial Information. Industry Averages.
• B. Financial information from comparable period(s). Anticipated results. Relationships among Elements of Financial Information. Averages and results from other industries. Relationships between financial and relevant nonfinancial information.
• C. Financial information from forecasted future amounts. Anticipated results. Relationships among Elements of Financial Information. Industry Averages. Relationships between financial and relevant nonfinancial information.
• D. Financial information from comparable period(s). Anticipated results. Relationships among Elements of Financial Information. Industry Averages. Relationships between financial and relevant nonfinancial information.

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