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Lab 1 3 Data Analytics In Auditing Lab 1

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Subject
Accounting
School
Colorado State University Global Campus
Type
Homework
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Running head: AUDITING
Auditing
Student’s Name
Course Name
University
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AUDITING 2
Auditing
The order-to-cash process is the company’s business process for the whole order
processing system. Most organizations depend on ERP systems to update their daily operations
and internal control processes. The systems are crucial to the company’s internal control
because they help the company reduce routine errors and duplication of data and to give users
access and authorization. Besides, the ERP systems serve as the data warehouse from where
auditors can get important data to respond to internal control questions using the data analytics.
Continuous monitoring helps detect and mitigate risks where there is a weakness in the internal
controls.
The Enterprise Resource Planning (ERP) systems help in consolidating a database that
gives internal auditors with data required to respond to critical business questions. This section
proposes three questions that can help in identifying weaknesses in the internal controls within
the order-to-cash process of the ABC Company and develop a hypothesis for every identified
question (Wong, 2019). Below is a visual representation of a standard order-to-cash process, and
each state need to have appropriate internal controls.

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Running head: AUDITING Auditing Student’s Name Course Name University Instructor Date AUDITING 2 Auditing The order-to-cash process is the company’s business process for the whole order processing system. Most organizations depend on ERP systems to update their daily operations and internal control processes. The systems are crucial to the company’s internal control because they help the company reduce routine errors and duplication of data and to give users access and authorization. Besides, the ERP systems serve as the data warehouse from where auditors can get important data to respond to internal control questions using the data analytics. Continuous monitoring helps detect and mitigate risks where there is a weakness in the internal controls. The Enterprise Resource Planning (ERP) systems help in consolidating a database that gives internal auditors with data required to respond to critical business questions. This section proposes three questions that can help in identifying weaknesses in the internal controls within the order-to-cash process of the ABC Company and develop a hypothesis for every identified question (Wong, 2019). Below is a visual representation of a standard order-to-cash process, and each state need to have appropriate internal controls. AUDITING 3 Question 1 1. Are there managers who override credit flags and make approval of sales orders to new clients denied credit or existing clients who have exceeded their credit limit? In this case ...
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