What are the risks for accounting systems

Assignment Help Accounting Basics
Reference no: EM13123138

1. How can client internal controls be improved by proper installation of IT?

2. What are the risks for accounting systems that rely heavily on IT functions?

3. What's the difference between a test of controls and substantive test of transactions?

4. What are the differences between substantive tests of transactions and tests of details of balances?

Reference no: EM13123138

Questions Cloud

Information about points of inflection : Find the x-coordinate of the points of inflection of f(x) = 47 + 13x + 18x^ 2 + 4x^ 3 - x^ 4
Find upper and lower readings to participate in study : If the mean systolic blood pressure is 130 and the standard deviation is 8, find the upper and lower readings that would qualify people to participate in the study.
Create a memo to a group of students interested : Create a memo to a group of students interested in pursuing careers in management accounting. Include in the memo, the role of management accounting and how management accounting may differ based on different types of companies or industries.
Determining maximum value of functions : A jewelry floor safe with a square base is to be made so as to have a total volume of 648 cubic inches. The side material for the safe costs $1 per square inch.
What are the risks for accounting systems : What are the differences between substantive tests of transactions and tests of details of balances?
Average collection period for accounts receivable : Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
What will be the pressure : The pressure in an automobile tire is 1.83 atm at 26.0°C. What will be the pressure if the temperature warms up to 37.0°C.
Find power of the test if true value of p is given : The sample of 200 voters and tests Ho: P=0.5 versus H1:P(not equal)0.5 at 5% level. What is the power of the test if the true value of P is 0.55?
What procedures might the engagement team suggest : If the audit engagement team determines that the scope of the investigation is not sufficient to support the preliminary conclusions reached, what additional procedures or inquiries might the engagement team suggest?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Share-based compensation plans to employees

Vacaro Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, Vacaro granted options on January 1, 2009, that permit executives to acquire 20 million of the company's $1 par common..

  Journal entries-internal service fund to record transactions

William County opted to account for its duplication service center in the internal service fund. Previously the center had been accounted for in county's general fund. During first month in which it was accounted for as an internal service fund cent..

  Previous and adjusted balances

Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.

  Hedging exchange rate risk

Hedging Exchange Rate Risk. An importer in the United States is due to take delivery of silk scarves from Europe in 6 months. The price is fixed in euros.

  Corporate formation transaction

What are the tax consequences of the corporate formation transaction?

  What is the income reported by regal

What is the income reported by Regal during 2012 pertaining to the Air investment?

  What happens to contribution margin per unit

Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..

  What are the nominal and effective costs

Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.

  Find equivalent units of production for conversion costs

What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?

  Units of production for conversion costs

All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

  Preparing correcting entries for springer company

Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:

  Money market hedge

Explain the steps to take for a money market hedge. You need to describe clearly the amounts which are related to the actions to take.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd