No control system is perfect. Be prepared to describe the major threats to the effectiveness of...
- No control system is perfect. Be prepared to describe the major threats to the effectiveness of any control system and explain why it is a threat.
- There are two levels of controls – entity and transaction. Describe the main differences between entity-level controls and transaction-level controls. Provide two examples of each to illustrate your answer.
- What is involved with the information and communication component and why is it important to the strength of internal controls.
Homework Answers
Add Answer to:
No control system is perfect. Be prepared to describe the major
threats to the effectiveness of...
The vast majority of firms these days have computer-based information systems. Discuss the main benefits and...
The vast majority of firms these days have computer-based information systems. Discuss the main benefits and risks associated with computerized information systems and explain why each item is a benefit of weakness. General controls in an IT environment are very similar to entity-level controls discussed in the reading on the control environment and application controls are very similar to transaction-level controls. Describe the main differences between general controls and application controls. Provide two examples of each to illustrate your answer.
1) The vast majority of firms these days have computer-based information systems. Discuss the main benefits...
1) The vast majority of firms these days have computer-based information systems. Discuss the main benefits and risks associated with computerized information systems and explain why each item is a benefit of weakness. 2) General controls in an IT environment are very similar to entity-level controls discussed in the reading on the control environment and application controls are very similar to transaction-level controls. Describe the main differences between general controls and application controls. Provide two examples of each to illustrate...
A. Describe the circumstances that surround a recent major case of fraud within an organization, including...
A. Describe the circumstances that surround a recent major case of fraud within an organization, including but not limited to: 1. Who was involved, financial impact and consequences. 2. Detail nature of how it was perpetrated (i.e. control breakdown, mgmt override, collusion) 3. Were the control breakdowns of "entity-level controls" and/or "process-level controls"? 4. What role, in any, did the internal auditors and external auditors played. If no involvement, should or could the Internal auditor have detect this fraud? Why...
1. Using the definition of Internal Control, discuss what is understood by the term ‘Internal Control’....
1. Using the definition of Internal Control, discuss what is understood by the term ‘Internal Control’. What are management’s and internal auditor’s responsibilities with respect to internal controls? What are suitable examples. 2. COSO Internal Control Framework is organized as comprising of Objectives, Components and Organizational Structure (Entity). What are the 'Components' of COSO Internal Control Framework in details. Any personal experiences or something that have read about. ( this can help - https://aaahq.org/Login?returnurl=%2f to do research on the component...
Describe the five characteristics of life, and list several nonliving things that possess at least two...
Describe the five characteristics of life, and list several nonliving things that possess at least two of these characteristics. Explain how an atom relates to the biosphere by describing the levels of organization. Why is a cell, and not an atom or a molecule, considered the basic unit of life? Draw and explain the relationship between producers and consumers (including decomposers). How does a homes’ air conditioning system illustrate homeostasis? Describe the main differences between asexual and sexual reproduction. Why...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
When producing an audit report, auditors may face different circumstances which may mean a True and...
When producing an audit report, auditors may face different circumstances which may mean a True and Fair audit opinion is not appropriate. Required: Explain the potential effect on the final audit report of each of the following scenarios: (for outlining the effect on report and rationale. Three or four marks for each of the three scenarios to maximum of ten.) Audit tests on purchases indicate a weakness in the internal control system, with a potential overstatement of cost of sales...
Name Wannarat Natilerdsak Student ID6101139 IAC 326 Accounting Information System Homework Chapter 4 Relational Databases Explain...
Name Wannarat Natilerdsak Student ID6101139 IAC 326 Accounting Information System Homework Chapter 4 Relational Databases Explain the importance and advantages of databases. Essay Questions 1). Explain the importance and advantages of databases? Answer: Chapter 5: Computer Fraud Explain the threats faced by modern information systems. Explain the fraud triangle. Define computer fraud and discuss the different computer fraud classifications. Essay Questions 2). What are the common threats to a computerized accounting system and explain examples? Answer: 3). What are components...
1. Describe the concept of body composition. Describe, in some detail, how exercise can reduce obesity...
1. Describe the concept of body composition. Describe, in some detail, how exercise can reduce obesity and improve body composition. Provide two specific examples of how exercise can be made more safe/fun/enjoyable for children. 2. Describe 2 benefits of strength training for the older population. Why should at-risk older adults be closely supervised in strength-training programs? Describe the factors that might contribute to a loss of strength and flexibility as adults age. 3. Explain the developmental changes that occur in...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Most questions answered within 3 hours.
-
The energy required to remove an electron from a surface of a
solid element is called...
asked 2 minutes ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 24 minutes ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 1 hour ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 2 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 2 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 4 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 4 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 5 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 7 hours ago