An audit trail: A. consists of business documents and records that provide evidence of transactions. B....
An audit trail:
A.
consists of business documents and records that provide evidence of transactions.
B.
requires employees to take an annual vacation.
C.
limits the number of employees who have access to company assets.
D.
requires the use of security cameras and alarm systems.
Homework Answers
Answer:
An audit trail:
A. consists of business documents and records that provide evidence of transactions.
Add Answer to:
An audit trail:
A.
consists of business documents and records that provide evidence
of transactions.
B....
Why is 3,4,9 wrong in this situation ? Adequate documents and records Checks on recorded amounts...
Why is 3,4,9 wrong in this
situation ?
Adequate documents and records Checks on recorded amounts Clearly defined authority and responsibility Safeguards over assets and records Segregation of duties Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the cashier assigned to the cash register is allowed to perform transactions. Clearly defined authority and responsibility 2. Division managers are evaluated annually on the basis of their division's...
_______ is using computerized techniques to perpetually audit the processing of business transactions. Sampling Benchmarking Generalized...
_______ is using computerized techniques to perpetually audit the processing of business transactions. Sampling Benchmarking Generalized auditing Continuous auditing The internal audit activity should evaluate risk exposures relating to the organization’s governance, operations, and information systems regarding the Reliability and integrity of financial and operational information Effectiveness and efficiency of operations Compliance with laws, regulations, and contracts All of the above Internal audit can do little to help with the following risk A computer systems or network failure at one...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection of tangible assets Observation Scanning evidence Inquiry Confirmation Reperformance Recalculation Analytical Evidence Part 2: Assume you are the audit team for the audit of Waren Sports Supply (a client with a traditional information system, which you should be familiar with). Imagine that this is the first time you’ve audited them, so you need to develop your own audit programs to make sure important assertions...
Requirement e. For each control, identify one audit test that the auditor could use to uncover...
Requirement e. For each control, identify one audit test that the auditor could use to uncover misstatements resulting from the absence of the control. (Letters may be used more than once.) (Click the icon to view the audit tests.) Audit test to uncover misstatements Internal control Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee's background, former employers, and 1. references. 2. Approval of department head or foreman on time records...
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business....
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business. However, let’s think about the types of audits that need to be performed and the frequency of these audits. Create a timeline that occurs during the fiscal year of audits that should occur and “who” should conduct the audits? Are they internal individuals, system administrators, internal accountants, external accountants, or others? Let me start you: (my timeline is wrong but you should use some...
Select the appropriate control activities for each of the following definitions. Control Activities b. c Definitions...
Select the appropriate control activities for each of the following definitions. Control Activities b. c Definitions a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against their expected performance. Authorizing...
Match each of the options in the boxes to the items in the second picture. Match...
Match each of the options in the boxes to the items in the second
picture.
Match each of the following business practices with the best internal control principle it is an example of. The employee responsible for ordering Inventory is a different employee than the one who makes the payment A company uses time clocks versus hand written time records. Cashier has access to cash in drawer, but does not have access to the cash register tape (accounting record). A...
DQ1. What is an Audit Work Program (some call it Audit Program)? The audit work program...
DQ1. What is an Audit Work Program (some call it Audit Program)?
The audit work program - Email Surveillance Audit Program – What is
the structure and contents including various audit steps. Find 1-2
steps in the audit program where the audit software can be used.
How can audit software be used to gather evidence?.
(the Audit program (Email Surveillance Audit Program
details is attached).
DQ3. Review the contents of the Audit Manual of Office of
University Audits at University...
Kindly, provide short answers. Thank you. Class Discussion Exercise- Accounts Receivable Audit Objectives and Procedures for...
Kindly, provide short answers.
Thank you.
Class Discussion Exercise- Accounts Receivable Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable, auditors develop specific audit assertions related to the receivables. They then design specific substantive procedures to obtain evidence about each of these assertions, Here is a selection of accounts receivable assertions: Accounts receivable represent all amounts owed to the client company at the balance sheet date. b. a. The client company has a legal right to...
You are an audit manager in Tiphany & Co, a firm of Chartered Certified Accountants. You...
You are an audit manager in Tiphany & Co, a firm of Chartered Certified Accountants. You have recently been assigned to the audit of Clown Co for the year ended 30 September 20X8. Clown Co is an unlisted company and has been an audit client of your firm for a number of years. Clown Co is a national distributor of cleaning products. The company buys the cleaning products from wholesalers and employs a team of approximately 750 sales staff around...
Why is 3,4,9 wrong in this
situation ?
Adequate documents and records Checks on recorded amounts Clearly defined authority and responsibility Safeguards over assets and records Segregation of duties Classifying Internal Control Procedures Match each of the control procedures listed below with the most closely related control procedures type. 1. Only the cashier assigned to the cash register is allowed to perform transactions. Clearly defined authority and responsibility 2. Division managers are evaluated annually on the basis of their division's...
Requirement e. For each control, identify one audit test that the auditor could use to uncover misstatements resulting from the absence of the control. (Letters may be used more than once.) (Click the icon to view the audit tests.) Audit test to uncover misstatements Internal control Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee's background, former employers, and 1. references. 2. Approval of department head or foreman on time records...
Select the appropriate control activities for each of the following definitions. Control Activities b. c Definitions a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against their expected performance. Authorizing...
Match each of the options in the boxes to the items in the second
picture.
Match each of the following business practices with the best internal control principle it is an example of. The employee responsible for ordering Inventory is a different employee than the one who makes the payment A company uses time clocks versus hand written time records. Cashier has access to cash in drawer, but does not have access to the cash register tape (accounting record). A...
DQ1. What is an Audit Work Program (some call it Audit Program)?
The audit work program - Email Surveillance Audit Program – What is
the structure and contents including various audit steps. Find 1-2
steps in the audit program where the audit software can be used.
How can audit software be used to gather evidence?.
(the Audit program (Email Surveillance Audit Program
details is attached).
DQ3. Review the contents of the Audit Manual of Office of
University Audits at University...
Kindly, provide short answers.
Thank you.
Class Discussion Exercise- Accounts Receivable Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable, auditors develop specific audit assertions related to the receivables. They then design specific substantive procedures to obtain evidence about each of these assertions, Here is a selection of accounts receivable assertions: Accounts receivable represent all amounts owed to the client company at the balance sheet date. b. a. The client company has a legal right to...
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