(a) Outline how data analytics can be used in the financial report audit and summarise the key benefits and challenges in adopting the use of data analytics on audit engagements.
(b) Outline what common data models are, how they are relevant to auditors, and what the benefits of adopting common data models are to auditors.
(c) Map the data you have obtained from Telsar to a relevant common data model using Tableau Prep Builder.
You may clean and transform/shape existing data within the spreadsheets obtained from Telsar (provided on iLearn), but there is no need to create data for each variable within the common data model (i.e. it is not expected that you will use all fields in the common data model you choose to use).
(d) Using the data that has been mapped into an appropriate common data model from part (c) above, create and explain one (1) visualisation relating to Telsar’s purchases and payables that would be relevant to the auditor.
(e) Explain the risk that the visualisation addresses and how the auditor will be able to utilise the visualisation to address this risk.
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