do deficiencies in internal control not always lead to material misstatement when recording transactions
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Why do deficiencies in internal control not always lead to material misstatement when recording transactions？
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- Which of the following statements is NOT correct? a. EAMs capture transactions during processing without removing the application from service. b. EAMs support continuous monitoring of controls. c. EAMs have the potential to corrupt corporate databases d. EAMs decrease operational performance. e. All of the above are correct statements.Explain why deficiencies in internal controls might not always result in significant misstatements when transactions are recordedHow to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?
- What type of internal control is verifying source documents before recording transactions?Which one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting recordsWhy do fraud examiners treat data differently than auditors? Why is this so?
- Why do fraud examiners handle information in a different manner than auditors? Why is thisimportant?Computers remove a fundamental separation of functions between authorizing and processing transactions, and there is also a risk of the integrity of accounting records. What do you think, how can management control these risks?What actions to be taken on error/fraud discovery?
