IDEA Software Training Assignment

I. Title: IDEA Software Training

  1. Introduction:

Congratulations! You landed your dream job as a Staff Auditor at Showker & Associates, LLP and the first month has gone very well. Your supervisor, Chung arrived at your office early one Wednesday morning and expressed how impressed he is with your work ethic and how quickly you have accomplished every task he has assigned to you thus far. To enhance your data analytic skills, Chung is requiring that you take a 3-week online training course to learn how to use IDEA software. He offered to pay for the cost of the training, which was a big relief given that you are still paying off student loans.

Chung informs you that IDEA is a powerful and user-friendly data analytic tool designed to help accounting and financial professionals extend their auditing capabilities, detect fraud, and meet documentation standards. It easily imports data from almost any source to analyze large data sets, report findings using data visualization tools, and automate repeatable processes without programming. IDEA delivers powerful analytic intelligence, enhanced visualization dashboards to display, advanced fuzzy duplicate, and an improved user experience. This latest version is designed to help you analyze data faster, from import to analysis to reporting. Analyze 100% of your data with 100% confidence (Audimation.com).

As Chung leaves your office, you look over at your office mate Latisha and say Wow, that sounds like a fantastic opportunity to expand my knowledge and enhance my resume. You excitedly return to your desk to get started right away.

III. Steps to Completion

Go to Appendix A and follow the step by step instructions for the IDEA Introduction and Accounts Receivable Audit.

Go to Appendix B and follow the step by step instructions for the IDEA Accounts Payable Audit and Fraud Investigation.

Go to Appendix C and follow the step by step instructions for the IDEA Inventory Analysis.

IV. Deliverables

  1. Accounts Receivable Audit (Due at the end of Week 3)
    1. 1 zipped file that includes:
      1. Multiple IDEA PDF files, and
      2. Your narrative document in MS Word (that includes screenshots)

V. Hints and Tips

  • Read the entire project and review the grading rubric before beginning the project to fully understand the
  • This is an individual graded project. All work must be completed by you without the assistance of anyone other than your
  • Ask questions about the project requirements as
  • Submit the deliverables to your Assignment folder on or before the due
  • Review the late policy in your syllabus; it will be

VI. Rubric

Before beginning this project, review the rubric to learn how the project will be graded. Rubrics can be found in Content/Course Resources/Projects & Rubrics/IDEA Rubric Project

Your deliverables will be assessed on the following competencies:

  • Critical thinking
  • Technology and tools
    • Working with files
    • Using the equation feature
  • Decision making
  • Communication

Appendix A – IDEA Introduction and Accounts Receivable (AR) Audit

All IDEA readings are in the IDEA Data Analysis Workbook in Content/Course Resources/Projects & Rubrics/Project 1

See this IDEA tutorial to help you get started with the AR audit:

Start getting to know IDEA by reading the following sections of the IDEA Workbook:

  • Preface, page 13,
  • Introduction to the IDEA Workbook, pages 15-24,
  • Common Options for IDEA, pages 233-262, and
  • Other Uses of IDEA, pages 263-270.

CI202 IDEA Data Analysis Workbook, you will be performing an Accounts Receivable Audit.

Read the following topics:

Page #s

An overview of the risks associated with Accounts Receivable that could be addressed by using computer assisted audit procedures including IDEA software. This also covers the tests using IDEA software that can be performed to help address or identify those potential

risks.

25-26

Potential tests which are suggested when auditing an Accounts Receivable system, including common tests which would be appropriately tailored to the IT system and controls used by each individual client in real-world applications.

27-28

Case Scenario for Accounts Receivable which you will be working on for Bright IDEAs, Inc., your client, for the audit of Accounts Receivable. Make sure you focus on the main objectives of auditing accounts receivable described in the Case Scenario.

29

Obtaining the Data

30-31

The Audit Program, including the Auditing Procedures which need to be performed to ensure that Accounts Receivable shown in the Financial Statements are free from a material misstatement.

32

Set up the audit

33-35

Import the Accounts Receivable Transactions File

36-40

Select a Control Total Field

41-42

Generating the Field Statistics

43-45

Reconcile the Database

46-52

Follow the instructions for Random Record Sampling and choosing a sample of items for confirmation and identifying other required testing to prove the validity of the recorded Accounts Receivable.

53-55

Perform an age analysis of outstanding invoices at year end

56-60

Understanding the data base window

61-62

Extract High Value and Old Items

63-64

Identify and Review All Credit Notes

65-67

Calculate the Net Transaction Amounts

68-69

Analyze the Balances and Taxes by Account

70-71

Finally, check the Debtors Against Authorized Credit Risk

72-87

Audit findings

88

  1. Create a MS Word file that briefly documents the audit and/or data analysis process(es) that you employed using IDEA to arrive at each of the 3 different Audit Findings listed on page 88 of the Workbook.
  1. To download the IDEA files, follow these steps:
    1. Email the IDEA files to yourself,
    2. Use Citrix (Chrome or Firefox) to open the email and download the files which you can then locate in IDEA downloads
  1. Provide a brief narrative of each Audit Finding and include corresponding screenshot(s) from IDEA to support your written findings and/or comments related to the findings. All required screenshots must be inserted into your MS Word document for you to receive

Steps to creating screenshots:

  • Step 1: Open an Office 2016 document, such as a Word
  • Step 2: Select the Insert tab on the ribbon, then click the Screenshot You will then see two options:
    • Available Windows and,
    • Screen Clipping (see diagram above)
  • Step 3: Under the Available Windows section, it shows thumbnail previews of opened windows on your desktop. If you want to create a screenshot of the available window, just select its thumbnail. Then its screenshot will be displayed in the Word
  1. Create 1 zipped file that includes:
    1. IDEA PDF files, and
    2. Your narrative document in MS Word (that includes screenshots)
      1. Using the file naming convention:
        1. last name_first name 1.zip.
  1. Upload the .zip file to your LEO Assignment Folder for Project 1, Part