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Analytical procedures
Auditing
Can anyone please explain this last point related to unsophisticated predictive model. What does it mean?
Answers (1)
This would probably mean random estimates without any well defined structured methods for estimation. Say an auditor has to apply analytical procedure for estimation of the amount of oil consumed by a machine. Here if the auditor has experience of this industry he can randomly say 150 litres without any calculation.
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