From the course: Building a Data-Driven Audit
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Fieldwork
- Field work is where the magic happens. This is where you grab your magnifying glass, put on your audit detective hat and show off your investigative skills. Your objective here is to test anything and everything in order to verify that what's actually happening is what should be happening. This can include testing revenue recognition controls, access controls, inventory management controls, or expense reimbursement controls. The options are almost limitless here and are driven by the planning phase. The cool thing with field work is that almost everything that you would be testing can be tested using a data-driven approach with techniques like data analytics. The biggest benefit of using data analytics here is that you can test entire populations rather than using sample-based testing. This gives you more confidence in the results. In some cases, you'll have to manually test things like inspecting assets or physical security controls. However, in the near future, I'm confident we'll…
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