GROUP ASSIGNMENT Big Data Analytics Implications for the Aud

GROUP ASSIGNMENT (Big Data Analytics Implications for the Audit Profession): Grading Rubric Beginning Totally unrelated) -40 Developing Remotely related) 40-69% Directly relevant) 90-100% are hard to followInformation is scattered and Information is needs further development. (Overall order, low. Details and examples are not and transitions)z order. Excellent structure of paragraphs and transitions enhances ordered with paragraphs and (1056) Quality of Unable to find specific details Some details don\'t supporttopic and povide the mecessary Supporting details are specific to Details are somewhat the report topic. Introductory paragraph is clearly stated, has a sharp, distinct focus Introduction (20%) Introductory paragraph is notIntroductory paragraph is Introductory paragraph is clearly stated with a focus vague and enhances the impact of the Concluding paragraph follows and summarizes the Concluding paragraph summarizes Concluding paragraph is tremotely related to the reportr and draws a clear, effective of the report. No spelling or grammatical errors All resources are cited d appear (20%, report discussion and draws conclusion and enhances the impact topt report follows andgraph Grammar & Fewer than 3 grammatical Nurneron grammatical andhor spelling emos Three to fiveammatical at spelling errors Some resources are cited but not all. Not formatted or spelling ero Bibliography (10%) All resources are cited, but formatting isn\'t cormect. Resources not cited in pape or proper format not used. with correct formatting

Solution

To assist management, the audit function provides analyses, appraisals, recommendations, counsel, and information concerning activities reviewed. The organization’s operating management, such as departmental heads or supervisors is accountable for the effectiveness and efficiency of operations. Audit reports support operating management in this regard by identifying areas needing improvement and stimulating actions in the appropriate directions. In addition, the results of an audit may provide objective support to the operations manager for issues that will require the support of upper management to address and improve.

An audit may bring to a manager’s attention activities or practices of which he or she was not aware for example, the shipping manager needing to recheck all the sales orders because of repeated inaccuracies by sales staff. Expectations of the audit as well as lessons learned from previous audits ultimately may serve to promote more disciplined operations.

Audit reports serve to identify for the board of directors and senior management the changing level and types of risks that management needs to address. Due to the nature or scope of the audit or the independence and the objectivity of the auditor, an audit report can provide senior management with details about operations as well as controls that are not included in other reports.

An operational audit is a nonfinancial audit that is intended to evaluate the effectiveness and efficiency of the organization or one of its objectives, departments or processes. The objectives of these type of audit are to ensure the board of directors and senior management that the organization’s goals and objectives are being met and to identify conditions that can be improved. In an operational audit, the auditor has the responsibility of discovering operating problems, informing the board of directors and management of the problems, recommending realistic courses of actions for resolving the problems.