Give an example for each of the following control activities in the conversion cycle: transaction authorization, segregation of duties, and access.

Q: Distinguish between continuous, batch, and made-to-order processing.

A: In a batch processing, a sequence of steps are followed in a defined order. Continuous processing…

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

A: Here is the Answer

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: Identify the traditionally segregated duties in noncomplex IT systemsand explain how increases in…

A: In the traditional accounting system, the duties related to the transaction authorization,…

Q: Which of the following general data flows is shown on a computerized system flowchart? O…

A: Data flow is defined as the path for the data to move from one part of the information system to…

Q: what factor influences the decisions to employ real time data collection with batch updating rather…

A: Transaction process system:   Transaction process system can be defined as a system designed to…

Q: Explain how an embedded audit module works.

A:

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 process of system flowchart?

A: System flowchart is the diagrammatically representation of how data (or information) flows from one…

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

A: Definition: Space of control: The number of subordinates directly answerable to the employee can…

Q: Discuss the diffences between internal and external users of ingormation and their needs and demands…

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

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: In the ________ phase of BPI, the BPI team documents the existing "as is" process activities,…

A: Answer -  Phases of BPI are as follows : i. Phase 1 - Define, ii. Phase 2 - Measure, iii. Phase 3 -…

Q: What is (are) the purpose(s) of maintaining a valid vendor file?

A:

Q: What is system decomposition and subsystem interdependency? How are they related?

A: Decomposition in computer terminology refers to factoring which is the breaking down of a complex…

Q: relationship between application controls and transaction-related audit o

A: Application control is a check on the application in which the wrong execution of data input is…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Weakness or strength along with IC Principle :- 1 Weakness - Apply technological controls 2 Weakness…

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

A:

Q: Explain the link between application controls and the audit goals for transaction-related audits.

A: Introduction: In the context of an application, application control is a check-in in which the…

Q: Distinguish between entity relationship diagrams, data flow diagrams, and system flowcharts.

A: Transaction Process System:   Transaction process system can be defined as a system designed to…

Q: A documentation tool that depicts the physical flow of information relating to a particular…

A: option a is the correct answer

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: Distinguish between batch and real-time processing.

A: Transaction process system:   Transaction process system can be defined as a system designed to…

Q: What kinds of information can be confirmed with a transfer agent?

A: The transfer agent is an entity that holds the information about the financial records of the…

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: What factor influences the decision to employ real-time data collection with batch updating rather…

A: Definition: Transaction process system: The transaction process system can be defined as a system…

Q: What is the objective of output controls? List and briefly describe different output controls.

A: Output control guaranteed that the program's result was precise and complete. Output control focuses…

Q: Mention two audit procedures relating to electronic data interchange controls

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

Q: important to manage transaction exposure

A: The RISK - posed by firms participating in international commerce that currency exchange rates will…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: What type of internal control is preparing batch totals for check processing?

A: Internal controls: It refers to those rules and procedures that are implemented by an enterprise for…

Q: If an organization processes transactions that have independent (unique) data needs, what type of…

A: Definition: Transaction process system: The transaction process system helps a business to process…

Q: In one sentence, what does updating a master file record involve?

A: Definition: Database: A database can be defined as a collection of structured data that is stored in…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

A:

Q: How testing transaction as appropriate in in

A: Internal Control System: An internal controls system includes a group of rules, policies, and…

Q: Refer to the system flowchart below and identify the internal control risks represented in it:

A: System flowchart is a data flow diagram that analyze the beginning criteria and end results of a…

Q: Is it necessary to have several entries in a control structure? why?

A: Control structure is an amalgamation of the  polices and  procedure , which is implemented to ensure…

Q: Explain how the formalization of tasks promotes internal control.

A: Internal Control: Internal control involves the norms and standards followed by a company to…

Q: Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of…

A: In this we quote an example of Reconciliations of the General Ledger Control Accounts to the…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…