Do you agree with the statement “The term IT auditor should be considered obsolete because implies a distinction between regular auditors and auditor who examine computerized of accounting information system. Please state the reason why or why not.

Q: Which of the following is not a typical problem found by auditors when cleansing client data for the…

A: Option D

Q: When an auditor tests the internal controls of a computerized accounting system, which of the…

A: Internal controls are the procedures that are implemented for controlling the fraudulent activities…

Q: Which of the following is NOT likely to be considered as a management function? 1.Creating a…

A: The functions of management briefly refers to process of planning, controlling, staffing,…

Q: Which of the following benefits of an effective accounting information system provides safeguards…

A: Accounting information system: It is a process which collects data, processes the same into…

Q: Computers remove a fundamental separation of functions between authorizing and processing…

A: It is a true statement that computers remove a basic separation strategy of separating the functions…

Q: Which of the following statements is not true about auditing and information risk? O A. Auditing has…

A: Auditing is an inspection of books of accounts by a qualified professional known as auditor by…

Q: Why is the Auditing Standards Board’s set of management assertions important to auditors? Dothese…

A:

Q: Should the FASB have overturned the software revenue recognition portion within ASC 985-605? As part…

A: Financial accounting standards board (FASB): This is the organization that creates, develops, and…

Q: You are the audit manager for a new audit client. Your staff auditors are unsure of what constitutes…

A:

Q: Which of the following are common issues with benchmarking tool used by internal auditors?…

A: Benchmarking means analysing and comparing the performance of one (our) company with the other…

Q: Discuss the nonaccounting services that external auditors are no longer permitted to render to audit…

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: Which of the following are common issues with benchmarking tool used by internal auditors? Group of…

A: Auditing Auditing is one of the important part in the accounting work which ensures the quality in…

Q: Other changes may affect comparability but not consistency in the use of accounting principles and…

A: The question is related to Auditing. Accounting Principles are specific guidelines and principles…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on…

A:

Q: Provide a detailed example as to what might cause an auditor/audit firm to decline taking on a new…

A: Audit engagement: Audit engagement is the act done by the auditor/audit firm to accept the audit of…

Q: ’t these types of controls automatically make a correction in the identified error? Why are…

A: Internal control: Internal control involves the norms and rules which are followed by the company to…

Q: . Generally, audit evidence cannot be obtained entirely through substantive procedures   True or…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: When auditors wish to issue an unmodified opinion but highlight that the entity changedits method of…

A:

Q: A company limits access to computerized accounting records. What can be said of this procedure? a.It…

A: Limited Access Control: Limited access control is a type of control that provides limited access to…

Q: Explain the sentence "The overall objective and scope of an audit does not change in a CIS…

A: Audit procedure is different types of steps that are followed by an auditor while conducting the…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

Q: The AICPA removed its general prohibition of CPAs taking commissions and contingentfees becausea.…

A:

Q: Generally, audit evidence cannot be obtained entirely through substantive procedures   True or…

A: Substantive procedures are the method or audit tests designed by an auditor to evaluate the…

Q: External auditors are very important gatekeepers. What was the cause of the breakdown in the…

A: Auditing can be defined as the verification and examination of the financial statement that is…

Q: Assuming that the data collected in the accounting information system is free from material errors…

A: The information recorded in accounting system can face several risks like inherent risk and control…

Q: Do you agree with the statement, ‘‘The term IT auditor should be considered obsolete because it…

A:

Q: INSTRUCTION(s): For every general potential error type enumerated below, list down some basic…

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

Q: The increasing use of sophisticated EDP systems has produced significant changes in the accounting…

A: Computerized accounting includes using the computers and accounting software for recording, storing…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: In a properly functioning computer environment, how is the separation of the programming and…

A: Internal control:   It is a process designed by the management team to achieve the objectives like…

Q: It is not an objective of accounting control Develop operational efficiency resource protection las…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: You are engaged to examine the financial statements of F4 Incorporated, which has its own computer…

A: Internal control:   It is a process designed by the management team to achieve the objectives like…

Q: The increasing use of sophisticated EDP systems has produced significant changes in the accounting…

A: Answer: The introduction of a computerized or electronic data processing (EDP) register has not…

Q: Following are examples of control deficiencies that may represent significant deficiencies or…

A: Whether a deficiency is classified as a significant deficiency or a material weakness is determined…

Q: Auditors usually leave the legend of a tick mark to the discretion of the staff members.  TRUE OR…

A: Solution: Tick mark: While carrying out the audit work auditor places the tick mark near to it to…

Q: Some accountants argue that the receiving department should be eliminated. Discuss the objective of…

A:

Q: Discuss any concerns you would have as an auditor and any actions you would take.

A: Substantive Test: The test that ensures the completeness and validity of the financial statements is…

Q: Which of the following is NOT a potential expo- sure of the FRS? a. a defective audit trail b.…

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

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: Documentation of an Audit Data Analytic (ADA), should be sufficient enough such that: O An…

A: Audit data analytics is an analysis of an entire population.  It is not done on the sampling basis.…

Q: The primary difference between operational auditing and financial auditing is that in operational…

A: Operational audit means examination of the operation whether the operations  are conducted  in the…

Q: Describe the differences between auditing around the computer and auditing through the computer?…

A: Auditing is the process in which the professional called auditor, performs the audit on the client…

Q: ANC Company has recently acquired new accounting software to replace the old program that is already…

A: Inherent limitation: It states those limitation of audit which are available every time when the…