QUESTION 2"Internal audit is process improvement and optimisation," says ICAEW member AbigailHarper who sits on ICAEW's internal audit panel. She is an internal audit expert, specialisingin the hospitality industry. "When you are looking at the control around due diligence forsuppliers, you can use artificial intelligence to collect data, such as credit score ratings.Environmental, Social and Governance (ESG) questionnaires and queries around capacity andscalability to support growth plans, but a human can still decide. Thresholds and criteria canbe built within systems that suppliers are automatically approved when met. However, therewill always be instances where you have to discuss the exceptions and make decisions." Thiscan be applied broadly - such as employee hiring scenarios or performing employee andsupplier performance reviews.(Source: https://www.icaew.com)Required:a. Discuss why auditors need to know information technology to support the auditor'sjudgment on the quality of data processed by computer systems.

Information technology audits to determine if IT controls safeguard corporate assets, uphold the…

Answered: QUESTION 2 "Internal audit is process…

Pkg Acc Infor Systems MS VISIO CD

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Chapter16: The General Ledger And Business Reporting (gl/br) Process

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About three decades ago, in his first address as Chairman of the Board of the American Institute of Certified Public Accountants (AICPA), Robert K. Elliott said: Knowledge leveraging will shape a wide range of CPA services. CPAs will be able to identify relevant information anti its sources, perform modeling, devise and apply performance measures of all kinds, design systems to obtain needed information, advise on controls and security, and otherwise ensure relevance and reliability. CPAs will identify and deploy knowledge needed for strategic planning and investments, for marketing decisions, for monitoring internal and external conditions, for conducting daily operations, for maximizing the productivity of employee behavior, and for measuring the effectiveness of operations, personnel and processes. All this and more.13 Write a paper (your professor will tell you how long the paper should be) to discuss ways in which this chapter agrees with this quote. Discuss any disagreements. Do you think that the CPA should be performing these services? Why or why not? Do you think this quote continues to be relevant in todays environment?
Continuous auditing 1. How has this concept developed? 2. How has the accounting information system and other technologies opened up the opportunity for continuous auditing? 3. What is involved in calculating the costs and benefits of continuous auditing? 4. What other technologies will be available to make the cost benefit of continuous auditing a reality for companies? 5. What will this do to the future of the auditor?
Question #66: Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Will all data entry clerks and accounting personnel have their own PCs with log‐in IDs and password protection? Will different system access levels for different users be incorporated? Will customer orders be received via the Internet? Has the company identified an off‐site alternative computer processing location? Does the project budget include line items for an upgraded, uninterrupted power source and firewall? Required: In a two (2) page response, describe the control purpose for each point presented in the case.
1) Why is Responsibility Accounting necessary and how is it implemented? 2) Determination of control risk in the HR cycle (personnel) include an example of the explanation you gave? 3) To design an audit program for testing controls, what stages must the auditor go through when auditing a banking service company?
Question 9 To test the reasonableness of the turnaround time of the applicable business process review, what tool can be used by the internal auditor? Group of answer choices Forcefield analysis Control sheets Check sheets Time and motion study
1. a. Why are documentation, visualization, and business process mapping important to accounting information systems auditors? b. Why should accountants be interested in AIS documentation? 2. How are data analytics tools helping accountants and auditors? 3. a. Explain why auditors’ communication skills are so important. b. Give examples of where these skills would be necessary in each phase of an audit engagement. c. In this age of high technology and computer-based information systems, why are accountants/auditors concerned about physical (human) controls?
Answer True or False1. A strategic audit is done to evaluate the functional unit of the business and grades itaccording to its business alignment goals.2. Strategic Audit evaluates your current strategy by performing a Financial analysis testwhich reassesses the business strength and weakness and threats.3. A strategic audit helps assess the resources of a company whereby if your goals do notmatch with your current resources, one has to change either the business goals or eitherstretch out on the supplies available4. It is not important to perform regular strategic audits and measure implementation inorder to keep on top of shifts in the environment and ensure you are always on the rightpath.5. The most important requirement for the data used in the strategic review process is thatthey be objective. In addition, the criteria should be familiar, well-understood, andaccepted measures of financial performance6. Political variables have a significant effect on Strategy formulation and…
1(a) How can a Finance and Accounting department that currently uses a manual system be computerised. 1(b) Discuss the effect of the PESTLE Analysis from the Finance and Accounting Manager perspective. Suggest ONE factor from three of the six external influences (PESTLE) that may be upsetting the Human Resource Management process(es) and ONE factor from three of the six external influences (PESTLE) that may interrupt customers’ experiences.
19) Comparing your client with the industry can accomplishes which of the following: A) Understanding of the client's business B) Discovery of errors in client's financials C) Better understanding of client's budgets D) Quality of client's internal control
Q-3 The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. ABCD Limited is concerned about its Internal Audit (IA) function. Recently, ABCD Limited is expanding and reorganizing its Internal Audit (IA) function. Currently the Director of Internal Audit, Shuja Mehboob, reports to the corporate controller, who receives and reviews all internal audit reports. Mehboob forwards copies of the internal audit reports to the audit committee of the board of directors and to the manager directly responsible for the function being audited. An issue of contention among the management team pertains to which department or function the Director of Internal Audits should report. Martin Stevens the CEO wants to ensure that ABCD Limited complies with the SOX and that the internal audit department is structured such that it strengthens the company’s internal control system. Also, an…
Question #66: Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Is the sales department separate from the credit office and the IT department? Are all collections from customers received in the form of checks? Is it appropriate to program the system for general authorization of certain sales, within given limits? Are product quantities monitored regularly? Required: In a two (2) page response, describe the control purpose for each point presented in the case.
10. Which of the following correctly describes the support activities of the value chain? The firm infrastructure includes accountants in the auditing service line of an accounting firm. Technological development includes gathering technical knowledge, hardware and software necessary for the improved operations of the other activities in the value chain. The procurement activity focuses on undertaking supplier background checks and negotiating prices. The human resource department is solely in charge of the number of employees to hire and the pay which those employees will be receiving. 11. Aling Rosa is a sari-sari store owner. Along the street where she operates her store, there are three other stores offering similar products at similar prices. What should she do to allow her business to thrive in the next three to five years? Determine whether building good supplier relations will allow her to lower costs, and therefore provide lower prices. Determine whether selling hard-to-get…

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