Discuss tha similarities and differences botwoon financial statornent audits and operational audits. Give an examplo of each type: (CLO 1)
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- fast plz Which of the following is a valid reason for testing the operating effectiveness: Communicate findings and recommendations Authorization based on information provided by the management observations Review the results for periodic reconciliation Authorization based on the information provided by internal sourceCheck all attributes below that were met for a test of an expenditure. Attached is a copy of the invoice and below is information from the accounting system: Item # Transaction ID Invoice Date Vendor Vendor Code Object Code Object Code Name Amount Created Approved Invoice # Date Entered Paid Date Amount Paid 98 19000001101 9/22/2018 Ohio Dept of Transportation VC0000126549 E450 Road Construction $6,914.41 JMM03 BVZ02 101492 10/3/18 10/22/2018 $ 6,914.41 Invocie for Exam 3 TH.docx check all that apply A. Documentation exists B. Transaction had proper approval before payment C. Invoice agrees to journal: amount, vendor, fund, object code D. Invoice is mathematically correct E. Document was cancelled F. Recorded timely (5 days from reciept of goods or invoice) G. Invoice was paid timelyIdentify, which of the following will be included in different types of review engagements A. Risk assessment reports B. Review of internal controls C. System reliability reports D. Value for money reviews Both D and C Both A and B Only A A , B , C and D
- Subject: Accounting Information SystemQuestion: What would be the correct system flowchart for this given process: Accounts Payable and Cash Disbursement Process:Vendors send invoices to the AP department where they are reviewed and approved for payment. Once approved, the invoice and a cash disbursement voucher are sent to the cash disbursement department, where a check is prepared and sent to the vendor. A copy of the check, the invoice, and the voucher are returned to the AP department and filed.c. Analyze the phrysical internal control weaknewesin the systemd. (Optional) Prepare a system Mowchart of a rode-signed computer- based system that resolves thecontrol acakneses that you identified._ Explainyour solution.What does FASB believe is the best way to search GAAP? (RAB 10) Using Investopedia for a basic reference, then searching the rules Using the advanced search function within the ASC Attending trainings by FASB's experts Using the built in logic to move from ASC topic & subtopic to section & paragraph Which of the following organizations creates the rules provided in the ASC ? (RAB 9) FASB SEC IRS EITF
- Match each word or phrase with the best description of it. Descriptions Words / Phrases related tocomputerized accounting systems a. Allows multiple users to access the system at the same time. Audit trailInternal controlNetwork-compatibleEnterprise resource planning systemsEntry-level software b. Enables the tracking of all transactions. Audit trailEnterprise resource planning systemsEntry-level softwareNetwork-compatibleInternal control c. Identifies suspicious transactions or likely mistakes such as wrong account numbers or duplicate transactions. Audit trailInternal controlEntry-level softwareEnterprise resource planning systemsNetwork-compatible d. Large-scale computer systems that integrate all aspects of the organization including accounting, sales, human resource…PHYSICAL CONTROLSUsing the flowchart of a purchases system for this Problem, identify sixmajor physical control weaknesses in the system. Discuss theunmitigated risks associated with each weakness.Question is attached in the screenshot thanks grealty appreciated 420ti2492i409y490idf9ib0fi90i
