Distinguish between narrow and wide span of control. Give an example of tasks appropriate to each type.

Q: Distinguish between turnkey and backbone systems. Which is more flexible?

A:

Q: Distinguish between tests of controls and substantive testing.

A:

Q: Discuss how conceptual and physical systems differ and which functions are responsible for each of…

A: Accounting Information System: The accounting information system refers to a system which helps in…

Q: Explain how an IT environment affects the segregation of functions.

A: Segregation of Duties (SoD) is a set of controls and policies intended to ensure accuracy and keep…

Q: describe tools and techniques used in fi nancial analysis, including their uses and limitations;

A: Financial analysis can be defined as the evaluation of the profitability, durability and feasibility…

Q: Should an auditor wishing to assess the adequacy of separation of functions examine a data flow…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What are the primary objectives of a batch control?

A:

Q: Explain the Diamond model of delegated monitoring

A: The Diamond model is referred to as the model which describes the competitive advantage of the…

Q: Explain internal control. Suggest suitable system of internal control of CSD.

A: Internal control is the procedure, rules used by business in order to ensure the solidarity of the…

Q: How are the network and hierarchical models different?

A: Database Management:   Database management refers to management of databases held within an…

Q: What are POS Systems? Enumerate their advantages versus manual data collection systems.

A: Introduction: A point of sale (POS) system is used to monitor sales and receive consumer payments.…

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: Describe the differences between a data flow diagram and a system flowchart. Give an example of when…

A: Data flow diagram and system flowcharts are used in the business to graphically represent the…

Q: What are the primary reasons for separating operational tasks?

A: Operational Tasks: Operational tasks refer to those tasks that are performed on a regular basis in…

Q: Distinguish between the centralized and distributed approaches to organizing the IT function.

A:

Q: The controls in a computerized system are classified asa. input, processing, and output.b. input,…

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Discuss how the different between conceptual system and physical system and which function are…

A: Accounting Information System:  AIS collects, records, stores and processes accounting and other…

Q: Differentiate between general and application controls. Give two examples of each.

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Explain the differences between planning, directing, and controlling.

A: Planning: It means thinking in advance what to do, when to do and how the actions would take place…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: internal control principle that is applicable to each procedure.

A: Internal control principles are the set of standards to be adhered to while implementing controls in…

Q: Control is the process that includes the following except:

A: Control is checking current performance against pre-determined standards contained in the plans,…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: If all of the inputs have been validated before processing, then what purpose do run-to-run controls…

A: The run to run controls is a control device to ensure that no records are lost, unprocessed or…

Q: Differentiate between fundamental and technical anomalies.

A: Market anomalies are exceptions to the hypothesis theory of market efficiency.

Q: Describe three criteria you would use to evaluate whether a management control system is effective

A: Management control system:

Q: List the three parts of a control system, and explain how such a system works.

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: a. Identify the physical control weakness depicted in the flowchart for Problem 2 b. Describe the…

A: a.

Q: Differentiate management control from joint control.

A: Control refers to the authority to make important decisions and rule other important activities of…

Q: What is task-data dependency?

A: The lack of ability of a user to get additional data when their requirements fluctuate is known as…

Q: Differentiate AIS from MIS

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: What are the components of the Control Environment?

A: Control environment refers to the set of policies, processes, standards, and actions of top-level…

Q: Give an example for each of the following control activities in the conversion cycle: transaction…

A:

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Contrast centralized data processing with distributed data processing. How do the roles of end users…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: Describe some common examples of Control Activities.

A: Control activities: Control activities are more concerned about the protection of the resources of…