You overheard a friend at a party say that computers and information technology will greatly decrease the demand for auditors. Do you believe this to be true. How would you respond to this comment?
Q: Given what you have learned about independence, do you believe that there would be a…
A: Definition: Auditor’s Opinion: It is a written statement describing an auditor’s liberated,…
Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…
A: The internal control is a process of assuring that all the assets are safe and all the recorded…
Q: What is the biggest role or contribution that an accountant/auditor can do in ensuring that ethical…
A: Fraudulent Activities: Deception or other unethical tactics are used to acquire an unlawful benefit,…
Q: Which of the following is an advantage of computer-assisted audit techniques (CAATs)?a. All the…
A: Answer: Option b.
Q: Why do you think it is so difficult to find an actual report? b. If you found an auditor’s report,…
A: a.It is difficult to find an actual report because of following reasons: 1. Challange : Reporting…
Q: If an auditor believes the chance of financial failure is low and there is a corresponding increase…
A: Audit risks are mainly of three types: Inherent risk which is derived from the characteristics of…
Q: Select the correct answer(s) for the following multiple choice questions. Note that there may be…
A: Computer Fraud: A computer fraud is an unlawful act committed by the employees in an organization…
Q: Why is independence is such an important requirement for auditors. Who gets hurt when accountants…
A: An auditor is an individual or an organisation authorized to review and verify the effectiveness,…
Q: You are conducting substantive tests on the accounts receivable file to verify its accuracy. The…
A:
Q: Your organisation is disturbed that some staff members are clocking on for others who do not report…
A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…
Q: Give some instances of the dangers to the independence of an external auditor in your explanation.
A: This question deals with the dangers to the independence of an external auditor in your explanation:…
Q: 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: ider “control environment.” Why it is important for auditors to understand a client’s control…
A: A controlled environment refers to the term "Internal control environment" which implies that the…
Q: An internal auditor is examining the effectiveness of procedures management established to protect…
A: "Independent examination of financial information of any company, whether profit-oriented or not,…
Q: If a firm decides early to go with a special-purpose system, such as SAP, based upon the…
A: Accounting Information System: It is a structural framework used by business to collect, store,…
Q: Why would a staff auditor want to be “part of the client’s team” and consent to questionable…
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: Explain the role of the risk manager in fraud detection ?
A: Fraud detection refers to a series of operations aimed at preventing money or property from being…
Q: Provide a detailed example as to what might cause an auditor/audit firm to decline taking on a new…
A: Audit engagement: Audit engagement is the act done by the auditor/audit firm to accept the audit of…
Q: What do you know about contingent fees? In what kind of situation contingent fees happen? Please…
A: Contingent fees: The obligation to pay the fee arises when the results of the suit are in favour of…
Q: What information may auditors use to make a decision on whether or not to accept a new customer
A: After considering the information| of the data| of knowledge listed below, auditors will decide…
Q: Do you agree with the statement “The term IT auditor should be considered obsolete because implies a…
A: I disagree with the statement, “The term IT auditor should be considered obsolete because it implies…
Q: Are third party auditors are better than in house auditors?
A: Auditors are the professionals who examine the financial statements of an entity and give their…
Q: Suppose your company has built a database application that runs on a centralized database, but even…
A: Will Be Explained :
Q: What factors do you think might cause an auditing team to spend more time than average on tests to…
A:
Q: (a): Critically discuss the statement that, when a company has a strong internal control structure,…
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: 1. Computer Assisted Audit Techniques (CAATs) are important tools than an IS auditor uses to gather…
A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…
Q: Give one reason why performing advisory services could enhance audit quality. Give one reason why…
A: Here discuss about the details of the importance of performance advisory service which are needed…
Q: 1) Which of the following statements is the most accurate? a. Data analytics can be…
A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…
Q: Do you agree with the statement, ‘‘The term IT auditor should be considered obsolete because it…
A:
Q: In Crazy Eddie, the auditors’ work plan and results were viewed by the client, in part because the…
A:
Q: The increasing use of sophisticated EDP systems has produced significant changes in the accounting…
A: Computerized accounting includes using the computers and accounting software for recording, storing…
Q: Some people believe database technology may eliminate the need for double-entry accounting. This…
A: The double-entry accounting system's primary benefit is its self-checking nature: for every action…
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: xternal auditors take a big picture, macro view of the books and records of a company. Forensic…
A: Audit represents the process by which the auditor would identify the fraud, error, and misstatement…
Q: Address the questions in perspective of auditing 1. How can internal auditors use histograms…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of these is NOT an advantage of using cloud computing? The entity has control over when to…
A: Solution: Following are the advantages of cloud computing: 1. Access to the service/s is based on a…
Q: Which of the following is a situation that might call for an indirect strategy? Check all that…
A: strategy is considered to be important part of an organisations which help the organisation to…
Q: Which of the following actions are not considered best practices for an accountant who handles…
A: All the actions taken by an accountant to safeguard the client information and for security it…
Q: In auditing through the computer, CPAs may use test data. (1) What are test data? (2) Why do CPAs…
A: Auditing is the process of independent examination of the information and the accuracy of the…
Q: Your audit client, Beacon Ltd has proposed that your audit firm take up a consultancy project to…
A: Independence is one of the key essence of an audit. Most standards require that an auditor should be…
Q: Select the correct answer(s) for the following multiple-choice questions. Note that there may be…
A: Fraud: Fraud is gaining unfair benefits by doing something illegally such as "fake statement",…
Q: At Crazy Eddie, the management team established “deceiving the auditors” as a primary strategic…
A:
Q: What are some of the immediate disruptions accountants are facing today because of the coronavirus?
A: Major areas for accountants and auditors are maintenance of accounting books, preparation of…
Q: Which of the following creates an audit trail that protects both consumers and businesses from…
A: Fraud- Fraud is an intentionally carried out event that is illegal and unethical, but the…
Q: Defamation is one of the most critical problems that most organization is facing. Suppose you are…
A: Defamation is the communication of false information about an organization that adversely affects…
Q: How do you find UBS Accounting software? What are the users comment of this accounting software…
A: Accounting software can be defined as the computer application which is especially designed to…
You overheard a friend at a party say that computers and information technology will greatly decrease the demand for auditors. Do you believe this to be true. How would you respond to this comment?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- There is a need for artificial intelligence (AI) to replace humans within the workplace? State whether as an auditor you agree/disagree with this argument providing reasons to support your response.Which of the following statements is most accurate? a. ERP systems are commercial software packages that are sometimes called turnkey systems because they can be implemented by the user with little or no modification. b. Substantive tests provide evidence focused on the system controls. c. Public accounting firms that provide attest services are not allowed under SOX to offer IT advisory services. d. Both small and large firms that have standardized information needs are potential customers for commercial software. e. External auditors may rely on the work of internal auditors only if they report to the controller or the CEO of the client company.The internal auditor of a small company has recommended to the CEO that it invest in a disaster recovery plan (DRP) because of several identified vulnerabilities. Traditional in-house DRP approaches are, however, not a viable option because the company lacks the necessary IT resources to implement and manage these tasks. The auditor has suggested that outsourcing disaster recovery to a cloud-based service provider may be a reasonable alternative. The CEO has no experience with cloud computing and has asked the internal auditor to provide him with more information. Required: Prepare a report outlining cloud computing. Your report should address the following: Describe how the services provided under cloud computing relate to disaster recovery planning. Outline the risks associated with this technology
- The internal auditor of a small company has recommended to the CEO that it invest in a disaster recovery plan (DRP) because of several identified vulnerabilities. Traditional in-house DRP approaches are, however, not a viable option because the company lacks the necessary IT resources to implement and manage these tasks. The auditor has suggested that outsourcing disaster recovery to a cloud-based service provider may be a reasonable alternative. The CEO has no experience with cloud computing and has asked the internal auditor to provide him with more information. Required: Prepare a report outlining cloud computing. Your report should address the following: List the key features of cloud computingJamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the company's internal control that might suggest that the company has a higher than normal risk, and revenue may have been recorded in the wrong period. Given this weakness, what information should be communicated to management?You are an audit graduate working for an audit firm. A client has said to you that you seem to be endlessly documenting matters and queries is this necessary as it is undoubtedly increasing the cost of the audit. REQUIRED Succinctly explain what your answer to the client should be.
- Jamie is an auditor. While preparing to audit his client, Food Court, he finds a weakness in the company's internal control that might suggest that the company has a higher than normal risk, and revenue may have been recorded in the wrong period. Given this weakness, what information should be communicated to management?Since information systems often involve advanced technologies that are beyond the knowledge level of typical users, should users play an active role in the SDLC? If so, how should they be involved? How can the accountant be involved?How has this concept developed? How has the accounting information system and other technologies opened up the opportunity for continuous auditing? What is involved in calculating the costs and benefits of continuous auditing? What other technologies will be available to make the cost benefit of continuous auditing a reality for companies? What will this do to the future of the auditor?
- In Crazy Eddie, the auditors’ work plan and results were viewed by the client, in part because the security of their workpapers was inadequate. Why is protecting the audit work product so important? In today’s audit environment, what should auditors do to protect their work product? What might auditors do in today’s audit environment that could expose their work product to individuals not engaged in the audit?After finishing your accounting degree, you joined an accounting firm. This is a medium-size accountingfirm with a reasonable range of clients. You are in an engagement meeting with one of your clients, andyour client's management raises some concerns. In particular, the management is concerned that theaudit tests that you perform will disrupt operations. Your client has recently implemented a datawarehouse. The management suggests that you draw the data for analytical reviews and substantivetesting from the data warehouse instead of the operational database. Further, the management pointsout that operational data are copied weekly into the data warehouse, and all data you need are containedthere.Required: Based on the given scenario, outline your response to the management's proposal and mentionany concerns you might have.You are an audit graduate working for an audit firm. A client has said to you that you seem to be endlessly documenting matters and queries is this necessary as it is undoubtedly increasing the cost of the audit.