Which clients can have compilation engagements?

Q: Who should sit on the systems steering committee? What are their typical responsibilities?

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

Q: What's the related cost of implementing database system?

A: This question explains about  the related cost of implementing database system.

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: What does the disclosure principle require?

A:

Q: What is shared service agreement menas in a internal control system?

A: Internal Control System:-It is a set of rules and protocol which the company and management set for…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

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

A:

Q: Which standards apply to consulting engagements?

A: Certified Public Accountant (CPA): It is a position which is provided to the person who passes the…

Q: what are the objectives of the client representation letter?

A: Client representation letter refers to the vital evidence piece in audit and the representation as…

Q: What are the distinguishing features of a legacy system?

A: Legacy system:   It is an old method technology computer system. It can also be called an…

Q: What is an access control list?

A: Access Control List  The list which restricts the access of the objects attached in an information…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: What do the relational features restrict, project, and join mean?

A: Database Management: Database management refers to management of databases held within an…

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 advantages and disadvantages of accessing online primary sources?

A: Primary sources are the proof of history, original records or objects created by participants or…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Identify the following users as either external users (E) or internal users (I). Consumer group

A:

Q: What are potiental constaints/Risks when dealing in Tri Party Account Reconciliation and Process…

A: Tri Party Account Tri Party Account which is deal with the platform to outsource to the collateral…

Q: What is the purpose of a digital audit trail?

A: Digital audit trail means that path which is used to trace the actual transactions from the relevant…

Q: What conditions increase the demand for reliable information?

A: Nowadays it is very difficult to trust someone. cheating and frauds have become so common. which…

Q: What is an engagement quality review?

A: When it comes to an engagement quality review, a reviewer should evaluate the significant judgements…

Q: What is a Review engagement?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: Why the IPSASB developed the IPSASs?

A: SOLUTION- IPSAB = INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD WORKS TO IMPROVE PUBLIC…

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: How is the access control list approach different from RBAC?

A:

Q: What is feedback and how is it useful in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: What is the confirmation process?

A: Confirmation Process: Confirmation process refers to the process for the authentication of the…

Q: What does stewardship mean and what is its role in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: What is a central repository in a CASE system?

A: Definition: Computer-aided software engineering (CASE) tool: Computer-aided software engineering is…

Q: What is an agency problem?

A: The agency drawback may be a conflict of interest that happens once agents do not absolutely…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: what is posting system in detail ?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: What procedures are required for Review engagements?

A: Review engagement: It is a type of engagement that is only meant to provide whether the financial…

Q: What information is required in a proxy statement?

A: A proxy statement is a document containing the information the Securities and Exchange Commission…

Q: Who should select the contact user group—the vendor or the prospective user? Why?

A: Contact user groups are the groups containing list of current users being considered as an important…