Substantive Testing

    Please complete Lab6-3 using Excel, and submit the screenshots. Also you should provide the following questions: 1. How many duplicate records did you locate? 2. What course of action would you recommend?   [email protected] Bentley2020@ https://reader.yuzu.com/#/ Course Required Texts and Materials: Data Analytics for Accounting by Richardson/Teeter/Terrell (2nd edition) Lab 6-3  Finding Duplicate Payments Companies occasionally make duplicate payments to suppliers due to lack of internal controls, errors, or fraud. In this lab you will analyze payment transactions to collect evidence about whether duplicate payments have been made to suppliers. Technique • Search for duplicates Software needed • Excel or IDEA In this lab, you will: Part 1: Identify the questions. Part 2: Master the purchase order and payment data. Part 3: Perform the analysis. Part 1: Identify the Questions Q1. Before computerization or Data Analytics, how would companies find that they had made duplicate payments? Part 2: Master the Data Q2. What data items do you need to be able to find duplicate payments? Would the date of the duplicate payments usually be the same or different? Part 3: Perform the Analysis In Excel 1. Open OneDrive and go to the Current Audit Data folder. 2. Open the Payments_Made spreadsheet. (uploaded it instead) 3. Click Open in Desktop App to load it in the desktop version of Excel. 4. Select the Invoice_Reference column and choose Home > Styles > Conditional Formatting > Highlight Cell Rules > Duplicate Values. . ., and click OK. page 257 5. Select all of the data, choose Home > Styles > Format as Table, and pick a light, non-banded theme. 6. Click the drop-down next to Invoice_Reference, choose Filter by color. . ., and select the highlight color used in step 4. 7. Take a screenshot (label it 6-3A). 8. Remove the filter on Invoice_Reference and repeat steps 4–6 on the Payment_Amount column. In IDEA 1. Open the P2P IDEA Audit Data project in IDEA. 2. Open the Payments_Made table. 3. Go to Analysis > Explore > Duplicate Key > Detection. a. Click Output duplicate records b. Click Key, then choose INVOICE_REFERENCE from the drop-down list and click OK. c. Click OK. 4. Take a screenshot (label it 6-3B). 5. Repeat steps 2-3 on the Payment_Amount column. Q3. How many duplicate records did you locate? Q4. What course of action would you recommend? End of Lab