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 system4.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 functions6.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 credit cards for payment.identify three risks related to an online sales system that could be implemented to reduce that8.your client has outsourced the majority of the accounting information system to a third-party date centre.what impact would that have on your audit of the financial statements? 1 controls and transaction-relatedAssignment and serviceAssignment on Advanced Auditing and Assurance serviceSubmission date: January, 29@10:00 amInstructionsStudents should follow proper Assignment format- Each answer must be suppo:ted by referencesUse of different references has its own creditAny act of plagiarism has consequences including result cancelationSubmission date is seriously consideredQuestionsI Explain the relationship between application controls and transaction-relatedaudit objectives.2 Explain what is meant by auditing around the computer and describe whatmust be present for this approach to be effective when auditing clients whouse IT to process accounting information.3 Explain what is meant by the test data approach. What are the majordifficulties with using this approach? Define parallel simulation with auditsoftware and provide an example of how it can be used to test a client'spayroll system.4 Describe risks that are associated with purchasing software to be installed ondesktop computer hard drives. What precautions can clients take to reducethose risks?5 Compare the risks associated with network systems to those associated withcentralized 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 salesordering system for customers to purchase products using personal creditcards for payment. Identify three risks related to an online sales system thatmanagement should consider. For each risk, identify an internal control thatcould be implemented to reduce that8 Your client has outsourced the majority of the accounting information systemto a third-party data centre. What impact would that have on your audit ofthe financial statements?

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.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 credit cards for payment.identify three risks related to an online sales system that could be implemented to reduce that 8.your client has outsourced the majority of the accounting information system to a third-party date centre.what impact would that have on your audit of the financial statements?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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 credit cards for payment.identify three risks related to an online sales system that could be implemented to reduce that

8.your client has outsourced the majority of the accounting information system to a third-party date centre.what impact would that have on your audit of the financial statements?

1 controls and transaction-related
Assignment and service
Assignment on Advanced Auditing and Assurance service
Submission date: January, 29@10:00 am
Instructions
Students should follow proper Assignment format
- Each answer must be suppo:ted by references
Use of different references has its own credit
Any act of plagiarism has consequences including result cancelation
Submission date is seriously considered
Questions
I Explain the relationship 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 is meant by the test data approach. What are the major
difficulties with using this approach? Define parallel simulation with audit
software and provide an example 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 credit
cards for payment. Identify three risks related to an online sales system that
management should consider. For each risk, identify an internal control that
could be implemented to reduce that
8 Your client has outsourced the majority of the accounting information system
to a third-party data centre. What impact would that have on your audit of
the financial statements?

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