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Data Checks

D

Dar_Shan0209

Ton up Member
Hi,

I have 2 queries icw the above mentioned thread.
  1. If for example, I am comparing data on interest rates. A check is that as the term increases, so should the interest rate. I have included a check, for e.g. =IF(C2>B2;"OK";"ERROR"). For the last one, it will generate an "ERROR" since the next observation will be blank. Can I correct the last one to "OK" MANUALLY and document the same in my audit trail?
  2. When comparing actual and expected summary statistics for example, the mean and standard deviation. The tolerance level is to one's call right? Most mark schemes use 10%, if I use 15%, this should not be an issue right?
Kind Regards,
Darshan
 
Dar_Shan0209 said:
Hi,

I have 2 queries icw the above mentioned thread.
  1. If for example, I am comparing data on interest rates. A check is that as the term increases, so should the interest rate. I have included a check, for e.g. =IF(C2>B2;"OK";"ERROR"). For the last one, it will generate an "ERROR" since the next observation will be blank. Can I correct the last one to "OK" MANUALLY and document the same in my audit trail?
  2. When comparing actual and expected summary statistics for example, the mean and standard deviation. The tolerance level is to one's call right? Most mark schemes use 10%, if I use 15%, this should not be an issue right?
Kind Regards,
Darshan
Click to expand...

For point 1, I think the exam solutions typically just put N/A as you cannot do a check on a blank.

For 2, there is no points on the marking scheme for accuracy of the checks.
 
Hi Viki,

Thanks for your reply, you may wish to note that one of the ActEd tutors replied my query and her reply was:
"Hi Darshan

You could just include the check up to the entry before the last, and then explain why this was done in your audit trail (so it is clear it wasn’t a mistake!).


That would be fine, if most use 10% I’d be tempted to do the same in the exam, but as long as you state it as an assumption/make it clear, it isn’t a problem.


The most important thing about CP2 is not the details of what has been done, but that it is clear, easy to follow and well explained in the audit trail."

Cheers
 
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