Which of the following statements about business analytics is true?

Homework Help: Questions and Answers: Which of the following statements about business analytics is true?

a) Business analytics primarily consists of giving users access to new data.
b) Business analytics is the same as audit analytical procedures.
c) Business analytics is useful in preventing and detecting fraud.
d) Audit data analytics is restricted to internal auditor use.

Answer:

Business analytics refers to the practice of using data, statistical and quantitative analysis, and predictive modeling to gain insights and drive business planning.

Now, with this understanding, lets determine which statement about business analytics is true.

Given Options: Step by Step Answering

a) Business analytics primarily consists of giving users access to new data

• This statement is not true. While accessing new data can be a component of business analytics, it primarily involves analyzing data to make informed business decisions, optimize processes, and improve performance.

b) Business analytics is the same as audit analytical procedures

• This statement is not true. Business analytics encompasses a broad range of data analysis techniques used across various business functions, whereas audit analytical procedures are specific to auditing and involve evaluating financial information through analysis of plausible relationships.

c) Business analytics is useful in preventing and detecting fraud

• This statement is true. Business analytics can help identify patterns, anomalies, and trends in data that might indicate fraudulent activities. It can be used to design fraud detection systems and preventive measures.

d) Audit data analytics is restricted to internal auditor use

• This statement is not true. Audit data analytics can be used by both internal and external auditors to analyze data and improve audit efficiency and effectiveness.

Final Answer

Based on the above analysis, the correct answer is:

c) Business analytics is useful in preventing and detecting fraud

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