Customary company meeting
Text z Príbehu
- Šmykľavka: 1
- Storyboard--Friday 11:00 am Group D Yingying chen 34111220Jiaxin Li 34004971Biou Ren 33593175Zijing Zhang 34150242Yuwei Zhao 32236158
- Šmykľavka: 2
- senior meeting
- I am happy to introduce the cutting-edge auditing analysis software kit DTA and QTA.
- Šmykľavka: 3
- Audit tools introduction
- Flag any transactions with special instructions, like long-term debts or frequent repeated payments.
- Spot unusual transaction amounts and how often they happen between the audited company and the client.
- We will use new software package to assist next audit project.
- Šmykľavka: 4
- Client introduction
- Our client, Wineholic Co., Ltd. is a Contract Winemaker, their core operations is to make finished wine according to the customers' recipe.
- Šmykľavka: 5
- data access
- We will input the data from your company's ERP platform to the auditing software.
- Wineholic financial manager
- Sure.
- Šmykľavka: 6
- Audit plan making
- Now we can use the report from our software kit to develop an audit plan.
- No problem, we will also focus on key financial areas based on the report.
- Šmykľavka: 7
- initial data analysis
- ! AR XXX
- balance sheet
- It shows some abnormal data in account receivable.
- Šmykľavka: 8
- further analysis
- No problem.
- I need you to use this new audit tool to further analyze this issue.
- Sure.
- Šmykľavka: 9
- unusual condition
- fail to find customer's transactions
- Warning! The company has the risk of fictitious customer accounts.
- Warning! The company has unusual trading volume and frequency.
- Šmykľavka: 10
- report to regulators
- Retrieving information...
- hn
- I need to use the QTA to figure out if it is normal case within this industry.
- Šmykľavka: 11
- initial suspect
- Really? Let's do some substantive tests to confirm.
- ·Tests of Detail·Substantive Analytical Procedures
- I suspect that the client may have the suspect of fraudulent financial reporting.
- Šmykľavka: 12
- Repeat transcations
- AR--customer AAR--customer AAR--customer A
- Accounts receivable ledger
- Oh my god ! There are so many accounts receivable in the transactions between our client and one specific customer.
- Šmykľavka: 13
- Client contactcli
- We find some questionable situations in your company's operating transactions.
- Don't worry, this is a very normal business in our company.
- Šmykľavka: 14
- Field audit
- It seems that the unusual supplier of our client is a shell company.
- There must be something the matter.
- Šmykľavka: 15
- Documents falsification
- There seems to be some issues with the original document approval process.
- questionable authenticity of the contract
- Lack of approval process for original vouchers
- So, will these trading contracts be suspected of fraud?
- Šmykľavka: 16
- Aggregate data
- So it is! There was a problem with their internal controls.
- DTAData aggregation and analysis in progress...
- Yeah, I didn't realise that Executive Clare had neglected to assess customer credit just to increase sales to improve her own performance.
- Šmykľavka: 17
- Failure to identify risk
- But why did our audit tools fail to identify this transcation vulnerabilities?I'm not sure, maybe because of a faulty data analysis process and a lack of assessment of customer credit?
- Šmykľavka: 18
- Report to audit manager
- We've deduced that this company is suspected of financial statement fraud.
- Really？If this is true, I'm afraid we need to ask the regulators to investigate.I need you to use AI tools to confirm again.
- Sure.
- Šmykľavka: 19
- Evidence collection
- The data analysis model is being improved...
- The query input model is being improved...
- Šmykľavka: 20
- Confirmation of reporting fraudlent
- data checked
- transcation checked
- Šmykľavka: 21
- Report to regulator
- The audit committee will give a fair assessment.
- To audit Committee:
- Dear Audit Committee Chair,I am writing to bring to your attention a matter of concern regarding potential financial statement fraud at Wineholic...
- Šmykľavka: 22
- Disposal measures
- Wineholic
- arrested...
- Fixed issues of internal controls
- Šmykľavka: 23
- Experience summary
- As we have confirmed, the financial fraud of the wine company went as follows: ...
- It seems that our company should emphasis the internal caontrol as well.
- SurveyResult Report
- Yes! And we found that both AI tools and our manual audits are not substitutes for each other, we all have our own unique roles
- Šmykľavka: 24
- New audit Strategy
- We need to design a new audit policy on reviews that combine the dual roles of AI tools and some experienced auditors wo that can reduce the risk of misstatements.
- Šmykľavka: 25
- Final check
- Final auditing standard? √ materiality？√ evidence？√ judgement？√
- Šmykľavka: 0
- Now we can report this fraudlent incident. Yes!
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