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As you are planning the annual audit of Norton Corporation, you note that the company has a number of user-operated computers in use in various locations. One of the machines has been installed in the stores department, which has the responsibility for disbursing stock items and for maintaining stores' records. In your audit, you find that one employee receives the requisitions for stores, disburses the stock, maintains the records, operates the computer, and authorizes adjustments to the total amounts of stock recorded by the computer.
When you discuss the applicable controls with the department manager, you are told that the user-operated computer is assigned exclusively to that department. Therefore, the manager contends that it does not require the same types of controls applicable to large IT systems.Required:
a. Comment on the manager's contention.b. Discuss five types of control that would apply to this microcomputer application.
Your paper should be 3-4 pages in length. Follow APA format, according to Writing and APA Requirements. Include a title page and reference page.
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed and how do these decisions relate to the overall risk assessment for the item being tested?
1.select two of the following scenarios. explain why you selected each and give an example of how statistics might be
in zoe-vonna palmroses article pcaob audit regulation a decade after sox where it stands and what the future holds she
How can an auditor use reporting metrics to make recommendations to management on implementing internal controls?
What are the responsibilities of the independent auditor for the detection of fraud involving misappropriation of assets and fraudulent financial reporting Discuss fully, including your assessment of whether the auditor's responsibility for the de..
Suppose you were considering depositing your savings in one of three banks, all of which pay 5 percent interest; bank A compounds annually, bank B compounds semiannually, and bank C compounds daily. Which bank would you choose? Why?
Before year end adjusting entries, Bass Company's account balances at December 31, 2007, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively.
Jog Road Company's cost system assigns MSDA expenses to customers using a rate of 33% of sales revenue. The new CFO has discovered that Jog Roads's customers differ greatly in their ordering patterns and interaction with the company's sales force.
School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end.
Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?
There are five types of audit tests. List one audit test and describe at least two types of evidence that may be obtained from this test.?
Show a qualified opinion on the financial statements because of the client imposed scope limitation.
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