Distinguish between the different types of security orders and explain how a confirmation statement is used.

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: Describe the importance of adequate internal controls.

A: Definition:   Internal control: Internal control is a process that ensures continuous reliability fo…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

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

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Identify and describe any four areas validity checks can be applied?

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Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: Match the conditions for internal control to each of the policies listed.

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

Q: Explain types of Security Issuers and Guarantors?

A: Types of security issuers are described as follows: Banks– Banks generally issue securities to meet…

Q: In your own words, explain the meaning of authentication and authorization. Be sure to distinguish…

A: The terms authentication and authorization are used in conjunction with each other in terms of…

Q: What is the purpose of testing Internal Controls?

A: Definition:   Tests of controls: Tests of controls form the part of audit procedures to be…

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: Define check tampering.

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Q: What are some tests of physical security controls?

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Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: Define and describe what is meant by internal control.

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Define what is meant by compliance auditing

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: What does Internal Control provide reasonable assurance for?

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

Q: What is meant by a “top-down” approach to evaluation of internal controls?

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Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: Define and describe auditsampling for exception rates

A: Audit sampling: Audit sampling can be defined as the selection of items from a population to be used…

Q: Explain one of the principles of Internal Control Activities.

A: Internal control means creating a control environment in the organisation which ensures safeguarding…

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: Explain one of the principles of Internal Control Activities. Please explain in detail

A: Main purpose of internal control is prevent risk of fruad ,error and mistakes . There are seven…

Q: Describe the term certificate of compliance?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the concept of reasonable assurance? What are the key limitations of an internal…

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Q: What role does the audit trail play in the task of confirmation?

A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…

Q: Outline the anti-avoidance provisions as they relate to dealings in security

A: Anti avoidance provisions means a cluster of statutory provisions designed to stop certain…

Q: The internal control requiring that checks must be prenumbered and accounted for satisfies the…

A: ANSWER THE CORRECT ANSWER IS COMPLETENESS. Completeness:Completness in auditing means there are no…

Q: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

Q: Define security instrument (or trust receipt)

A: A trust receipt is a notification of the release of goods from a bank to a purchaser, with the bank…

Q: Identify and explain the various stages of and parties to the collection of a check.

A: Cheque refers to a financial document which acts as an order to a bank to pay a particular amount of…

Q: Explain the three ways that audit trails can be used to support security objectives.

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Q: What are some limitations of internal controls?

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Q: Define assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…