‘‘In an EDI system, only the customer needs to verify that the order being placed is from a valid supplier and not vice versa.’’ Do you agree with this statement? Why or why not?

Q: Which files are often found in a sales order module as opposed to an account receivable (customer)…

A: The Answer

Q: What is the challenge for analysts if a company uses a custom tag in iXBRL

A: Companies use XBRL to report their financial information and their annual reports in machine…

Q: Which of the following is false about accounting information systems?A. They provide reports that…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: Identify the following users as either external users (E) or internal users (I): _______ Customers.…

A:

Q: Which of the following is NOT an example of application control?* a. Pre-filled forms are already…

A: Control Activities - The policies, tactics, methods, and processes known as control activities are…

Q: How do automated authorization procedures differ from manual authorization procedures?

A:

Q: One way to prevent employee collusion with a dishonest vendor is to: Make sure the employee…

A: Internal control has an inherent limitation such as collusion among the employees and vendor,…

Q: Discuss how EDI creates an environment in which sensitive information, such as inventory amounts and…

A: Electronic Data Interchange: Electronic data interchange (EDI) is the channel between the computer…

Q: 1. What makes POS system different from revenue cycles of manufacturing firms? 2. Does a POS system…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: For good internal control, the purchasing department should not be responsible for... Select one:…

A: Internal Control Internal controls are the mechanisms, rules, and procedures a company should need…

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

A:

Q: large companies use an electronic data interchange (EDI) to communicate with key customers and…

A: Solution:- Introduction:- Electronic data interchange (EDI) is the use of computer and…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: Which of the following would reduce the effectiveness of internal control in an…

A: Internal auditing is a mechanism for ensuring organizational performance and quality goals, a…

Q: Why would Commodore’s auditor insist that Rob document any sales booked under the book-and-hold…

A: An auditor is someone who checks the correctness of commercial transactions that have been…

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: What represents a company’s primary means of cummunicaying information to external users?

A: First of all, we need to understand who are external users- these are the people who are interested…

Q: Is it true that, for an ERP system to be effective, it must be completely purchased from a single…

A: Enterprise resource planning is the planning of the resources need for core operations of the…

Q: Critically explain why online purchase is not safe for the customer. What step do you take to check…

A: The era in which we live today is highly into online shopping. It may be for the fact that it is…

Q: The purchase order, usually in writing, is a legal document that is... Select one: An offer to buy.…

A: A purchase order is an agreement that binds the two parties i.e. the client and the supplier, such…

Q: Discuss the Supplier Integration and Relationship Management

A: Supplier is the person from which a firm procures its inventory and raw-material. A manufacturing…

Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…

A: An organization bought the main "off-the-rack" internet business programming for connecting its…

Q: Is there a difference between computerized and manual accounting systems? What makes these two…

A: Introduction: The term "computerized accounting system" refers to the use of computer…

Q: which is true about vendor files? A. They must be cleaned on a daily basis B. They can be in…

A: A vendor file contain all information about the supplier and vendor from every department. It…

Q: The firm is not required to make a best execution determination only if it has directed that the…

A: NYSE stands for Newyork stock exchange and refers to the largest stock exchange for all the…

Q: Which of the following is NOT true of a turn- around document? a. They may reduce the number of…

A:

Q: authorization payment

A: Authorization of payment means allow subordinates to make payment after approval of top executives…

Q: Explain the advantages of an electronic billing cycle

A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…

Q: Why is it risky to allow programmers to create user subschemas and assign access authority to users?…

A:

Q: sales where the customer is billed before delivery of the goods

A: First option is wrong because there is no such condition to recognize revenue before delivery of…

Q: Discuss how EDI dealing with sensitive information, such as inventory amounts and price data, is no…

A: Electronic Data Interchange: Electronic data interchange (EDI) is the channel between the computer…

Q: “In an EDI system, only the customer needs to verify that the order being placed is from a valid…

A: Electronic Data Interchange:   Electronic data interchange (EDI) is the channel between the…

Q: Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.

A: A joint venture is a business entity that can be defined as a joint arrangement where the parties…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.