Practicing CPAs are required to follow the five-step process published by CPA Canada in its Guide to Audit Data Analytics.

Question

Practicing CPAs are required to follow the five-step process published by CPA Canada in its Guide to Audit Data Analytics.

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The question presents a true/false statement about CPA Canada and its Guide to Audit Data Analytics, focusing on a five-step process for practicing CPAs.
Option 1: True. This option would assert that practicing CPAs are required to follow a five-step process published by CPA Canada in the Guide to Audit Data Analytics. To evaluate this, one should recall whether CPA Canada formally prescribes a five-step framework in that specific guide. If the guide outlines a process but not necessarily a fixed five-step sequence, or if the CPAs are recommended to use Data Analytics in audits without a mandated five-step process, this statement would be inaccurate as a blanket requirement.
Option 2: False. This option claims that practicing CPAs are not required to follow a five-step process published by CPA Canada in that guide. If CPA Canada indeed publishes a structured five-step process for conducting audit data analytics and mandates or strongly requires adherence to that framework, this option would be incorrect. However, if the guide presents a more flexible or different number of steps (or describes multiple acceptable approaches) then stating a universal five-step requirement would be incorrect.
In evaluating which option fits the factual scenario, consider: (1) CPA Canada’s official guidance on Audit Data Analytics and whether it specifies a fixed five-step process, (2) whether there is a regulatory or professional requirement to follow that exact sequence, and (3) whether the guide emphasizes principles or activities that could be implemented in varying step counts. If the guide does not impose a strict five-step, or if updates or alternative frameworks exist, the statement asserting a mandatory five-step process would be misleading.
Option 1 could be aligned with a rigid interpretation, but readers should verify the edition and phrasing of CPA Canada’s Guide to Audit Data Analytics to confirm a mandatory five-step framework. Option 2 would be correct only if the guide clearly does not impose a fixed five-step procedure, or if the profession accepts multiple valid frameworks for analytics integration in audits.
In summary, the key is to distinguish between a mandatory, prescriptive five-step protocol and a guidance that might encourage or describe a five-step approach but not strictly require it, or to recognize that the guide’s content may have changed over time. The nuances determine which statement reflects current practice or policy.

BUSI_V 335 972 2025SS Module 7 Quiz - Pivot Tables and Audit Data Analytics

Practicing CPAs are required to follow the five-step process published by CPA Canada in its Guide to Audit Data Analytics.

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