Requirement 1 Getting to Know Meg's Mutts Case v2

Explain all the five steps involved in the information system based audits in your own words. How would an auditor verify the source documents while auditing accounting information systems where business is conducted fully online?

Performance Task #1. Introduction to PSA 401 Instructions: Provide for the requirements given to you below. Output must be placed in a Microsoft Word following the formats specified. Your answers must be in paragraphs and must contain first person point of view. God bless! 1. Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity." 2. Explain why the auditor should have sufficient knowledge of the CIS to plan, direct, supervise and review the work performed. 3. Differentiate the process of planning the audit in a manual system and a computerized system. 4. Identify the risks of using a computerized system in the process of audit. 5. Explain the sentence "The auditor's specific audit objectives do not change whether accounting data is processed manually…

please answer question NO 6

Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivableaccount as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.5 tohelp you answer this question

Auditing ERP Databases You are an independent auditor attending an engagement interview with the client. The client organization has recently implemented a data warehouse. The management is concerned that the audit tests that you perform will disrupt operations. They suggest that instead of running tests against the live operational database, you draw the data for your analytical reviews and substantive tests of details from the data warehouse. They point out that operational data is copied weekly into the warehouse and everything you need will be contained there. This will enable you to perform your tests without disrupting routine operations. You agree to give this some thought and gat back to the client with your answer. Required: Draft a memo to the client outlining your response to their proposal. Mention any concerns that you might have.

audit please quickly i will give you a thumb!!

You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK Limited; Account receivables Sales Inventories Account payables Vehicles

In the situation you are an auditor who is task to do an audit engagement. Make an Audit Plan that has atleast 5 elements present. Set up your own problem/situation you wanted to audit.

Patrick Houghton was meeting with his manager to plan audit strategy in order to determine the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances. Determining the audit strategy occurs during which phase of the audit? a. client acceptance stage b. planning stage c. performing stage d. reporting stage

Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a comprehensive summary outlining individual steps and examples of how those steps would be displayed/observed/etc. in a company. Be sure to elaborate on each section by detailing, in simple terms, the objective of the specific stage.    For example, Step 1: Plan the Audit > Establish an understanding with the client as to the nature of the engagement. The auditor should prepare an audit engagement letter that outlines……..

research data analytics in accounting information systems or emerging technologies in the accounting industry. Your presentation should focus on the impact of the selected topic on accounting information systems, internal controls, and benefits and challenges associated with its implementation.   As a PowerPoint presentation with voiceover. The presentation should be 6-8 slides, not including the title page and the reference page. Speaker Notes should be submitted as a Word Document. On the Word document, include a header for each slide followed by your notes. Use this guide, APA7 Visual Presentations - CSU Global LibraryLinks to an external site., to record your voiceover for your presentation. You can also use Zoom to record your voiceover. Your presentation should include the following headers: Introduction – brief overview of the topic and its relevance to accounting information systems and/or emerging technologies Impact on Accounting Information Systems – how this topic…

Describe how data analytics can be used during an external audit of a company's financial statements. Be specific and provide 4 examples?

1.Explain the relation ship between application controls and transaction related audit objectives . 2.explain what is meant by auditing around the computer and describe what must be present for this approach to be effective when auditing clients who use IT to process accounting information  3.explain what meant by the test data approach. What are the major difficulties with using this approach?define parallel simulation with audit software and provide an exmaple of how it can be used to test a client's payroll system 4.describe risks that are associated with purchasing software to be installed on desktop computer hard drives.what precautions can clients take to reduce those risks? 5.compare the risks associated with network systems to those associated with centralized IT functions 6.how does the use of a database management system affect risks? 7.an audit client is in the process of creating an online web-based sales ordering system for customers to purchase products using personal…

Problem 6:  Planning the audit is essential for a. obtaining sufficient, appropriate evidence b. keeping costs reasonable to the client c. avoiding a misunderstanding with a client. Elaborate on each step below for the auditor’s objective in achieving the above essential elements. Discuss in detail what each step consists of and give an example for each. Accept the client and perform initial audit planning Understand the client's business and industry Assess client business risk Perform preliminary analytical procedures Set materiality levels and assess acceptable audit risk and inherent risk Understand internal control and assess control risk Gather information to assess fraud risks Develop overall audit plan and program

career auditing(auditors) two major responsibilities one needs to be in this career. please provide the link or site source.

CPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data. c. In auditing through the computer, CPAs may use test data. (1) What are test data? (2) Why do CPAs use test data?

U2 You have recently graduated from the University of Sharjah and joined Nestle Company UAE as an internal auditor. They have engaged you for an internal audit engagement. You need to audit their procurement (purchase) department. Please write down the key considerations which you will take into account before the start of audit engagement and during the audit engagement?

Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?

Explain your answer

You are internal auditor inspecting process used by sales representatives of a company selling office supplies to small companies. Before a new customer’s line of credit established, the sales rep must complete an online form that contains questions for which they must gather information from the new customer.  The company asks that the sales reps gather this data (there is much more required, these are just the first few fields) as the first part of the data gathered:  Company name, address, corporate form (sole proprietor, LLC, LLP, or S Corp), line of credit amount requested, authorized purchaser name and address, shipping address.  For each of these fields, What error conditions need to be addressed? (What is an error condition?) For each, what do you recommend as a test/verification method? (You may find some that you believe don’t need a verification process)