Which of the following is NOT true about Blockchain application in Accounting? A. Auditors can get the real time data B. Auditors can go back to any of the previous block without reviewing the whole blockchain system C. Blockchain can limit the access to the unauthorized parties D. Blockchain benefits the audit confirmation E. None of the above, all the descriptions are true O O O Which of the following is TRUE for smart contracts? O A. Smart contracts are invented immediately after the blockchain exited O B. Smart contracts can be used to replace paper contracts C. Smart contracts were secured enough without a blockchain environment O D. The transaction will never be rejected by a smart contract Which of the following is TRUE about smart contracts? A. The smart contract acts as a central authority B. The smart contract with a blockchain environment is not computationally demanding C. The new block is added to the existing chain in the smart contracts D. Smart contracts are only useful for financial transactions O O O O

Which of the following is NOT true about Blockchain application in Accounting? A. Auditors can get the real time data B. Auditors can go back to any of the previous block without reviewing the whole blockchain system C. Blockchain can limit the access to the unauthorized parties D. Blockchain benefits the audit confirmation E. None of the above, all the descriptions are true O O O Which of the following is TRUE for smart contracts? O A. Smart contracts are invented immediately after the blockchain exited O B. Smart contracts can be used to replace paper contracts C. Smart contracts were secured enough without a blockchain environment O D. The transaction will never be rejected by a smart contract Which of the following is TRUE about smart contracts? A. The smart contract acts as a central authority B. The smart contract with a blockchain environment is not computationally demanding C. The new block is added to the existing chain in the smart contracts D. Smart contracts are only useful for financial transactions O O O O

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter1: The Information System: An Accountant’s Perspective

Section: Chapter Questions

Problem 14MCQ: Which of the following statements is most accurate? a. ERP systems are commercial software packages...

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Similar questions

Which of the following statements is NOT correct? a. EAMs capture transactions during processing without removing the application from service. b. EAMs support continuous monitoring of controls. c. EAMs have the potential to corrupt corporate databases d. EAMs decrease operational performance. e. All of the above are correct statements.
ased on an assessment of audit risk, the auditors are concerned with the following two risks: The risk that that the client might be making duplicate payments to vendors. The risk that the client’s accounting clerk might be making unauthorized payments to himself. Required: a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments.
Based on an assessment of audit risk, the auditors are concerned with the following two risks: The risk that that the client might be making duplicate payments to vendors. The risk that the client’s accounting clerk might be making unauthorized payments to himself. Required: a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client has an IT accounting system, describe how the auditors might use data analytic software to design a test to identify the duplicate payments and the unauthorized payments. c. Describe the advantages of using data analytics software to identify unusual transactions or entries.
You are conducting substantive tests on the Accounts Receivable file to verify its accuracy. The file is large, and you decide to test only a sample of records. Because of the complexity of the database structure, you cannot access the database directly. The client's systems programmer uses a utility program to write a query that produces a flat file, which he provides for testing purposes. Discuss any concerns you would have as an auditor and any actions you would take.
Computers remove a fundamental separation of functions between authorizing and processing transactions, and there is also a risk of the integrity of accounting records. What do you think, how can management control these risks?
You are conducting substantive tests on the accounts receivable file to verify its accuracy. The file is large, and you decide to test only a sample of the records. Because of the complexity of the database structure, you cannot access the database directly. The client’s systems programmer uses a utility program to write a query that produces a flat file, which he provides for testing purposes. Required Discuss any concerns you would have as an auditor and any actions you would take.
A primary advantage of using generalized audit software packages to audit the financial statements of a client that uses a computer system is that the auditor may: a.Access information stored on computer files while having a limited understanding of the client’s hardware and software features. b.Consider increasing the use of substantive tests of transactions in place of analytical procedures. c.Substantiate the accuracy of data through selfchecking digits and hash totals. d.Reduce the level of required tests of controls to a relatively small amount.
Which of the following statements is FALSE?A. Irregularities are intentional misrepresentations associated with the commission of a fraudB. Errors are unintentional mistakesC. Data conversion provides safe storage for the off-line data files. These files could be backups or current data files.D. Before the auditor can determine the nature and extent of the tests to perform he or she must gain a thorough understanding of the client’s business
Which of the following is NOT a potential expo- sure of the FRS? a. a defective audit trail b. general ledger accounts that are out of balance with subsidiary accounts c. unauthorized access to the check register d. unauthorized access to the general ledger
1. If detective controls signal error flags, why shouldn’t these types of controls automatically make a correction in the identified error? Why are corrective controls necessary? 2. Discuss the nonaccounting services that external auditors are no longer permitted to render to audit clients. 3. Discuss whether a firm with fewer employees than there are incompatible tasks should rely more heavily on general authority than specific authority. 4. According to SAS 78/COSO, the proper segregation of functions is an effective internal control procedure. Please Discuss. PLEASE NO PLAGIARSIM. THANK YOU!!
When an auditor tests the internal controls of a computerized accounting system, which of the following is true of the test data approach? A. Test data are coded to a dummy subsidiary so they can be extracted from the system under actual operating conditions. B. Test data programs need NOT be tailor-made by the auditor for each client's computer applications. C. Test data programs usually consist of all possible valid and invalid conditions reguarding compliance with internal controls. D. Test data are processed with the client's computer and the results are compared with the auditor's predetermined results.
1. An auditor does not need to test the effectiveness of automated controls in a computerized system. true or false 2. The use of computer systems in financial reporting increases the risk of material misstatements.True orFalse