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Divide the five functions among four people in such a way as to maintain the best possible control system.
Identify the important controls and related sales transaction-related audit objectives.
Explain why you believe the suggested internal control improvements will prevent problems in the future.
How might an auditor use technology to test the operating effectiveness of a bar code scanner based check-out system?
Describe deficiencies in Granger Container's systems development and program change processes.
Identify whether the control is an automated application control (AC) or a manual control done by Gilman employees (MC).
What recommendations for change can you suggest to improve Hardwood's information systems function?
Describe customer concerns about doing business online with Parts for Wheels.
How does the use of Technology Solutions impact First Community's internal controls?
What is your assessment of the programming function at Jacobsons? What are the strengths? What are the deficiencies?
What are private clouds, community clouds, public clouds, and hybrid clouds?
What are the five types of tests auditors use to determine whether financial statements are fairly stated?
What is the purpose of tests of controls? Identify specific accounts on the financial statements that are affected by performing tests of controls.
Distinguish between substantive tests of transactions and tests of details of balances.
State a substantive test of transactions audit procedure to determine whether approved wage rates are actually used in calculating employees' earnings.
Describe how the presence of general controls over software programs and master file changes affects the extent of audit testing of each of these two internal.
How will this situation affect the evidence you should accumulate in auditing fixed assets as compared with another audit in which the controls are excellent?
State the four-step approach to designing tests of controls and substantive tests of transactions.
List the eight balance-related audit objectives in the verification of the ending balance in inventory and provide one useful audit procedure.
Discuss the duties of the cash disbursements clerk with him and observe whether he has responsibility for handling cash or preparing the bank reconciliation.
For each audit procedure, identify whether it is a test of control or a substantive test of transactions.
For each test of control or substantive test of transactions procedure, identify the transaction-related audit objective or objectives being satisfied.
For each control, list one substantive test the auditor could perform to determine whether financial misstatements are actually taking place.
Prenumbered receiving reports are prepared as support for acquisitions and numerically accounted for.
The computer initiates an order only when perpetual inventory levels fall below prespecified inventory levels in the inventory master file.