Match the control goals or system deficiencies with control plans.

Question

Want to see the full answer?

Answer 1

Question

Chapter 10, Problem 5SP

Summary Introduction

Match the control goals or system deficiencies with control plans.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The following internal controls were identified by the auditor while gaining an understanding of internal control for the sales cycle. Access to the customer master file is restricted to authorized personnel. Customers are added to the master file only after appropriate approval, including adequate background and credit checks. Sales are made only to approved customers. The computer system rejects orders if the customer number is invalid or the order exceeds the customer’s approved credit limit. The computer matches the products and quantities on the customer order, shipping document, and sales invoice and generates an exception report of differences for follow-up in the accounting department. The computer generates a daily list of unmatched shipping documents. The sales clerk follows up on each exception and electronically signs the report when they are resolved. Invoice prices are obtained from the price master file. Any changes to the standard prices on an invoice must be…

You are working on the audit of Frozen Fresh Ltd and have just completed an evaluation of controls in the sales receivable, and receipt area. You note the following key controls as part of your evaluation a all sales handled were supported by shipping documents. b. All sales once shipped have been invoiced and recorded in the accounting records. C) invoices have been recorded correctly. Required: For each of the controls (a to c) 1. Identity the assertion addressed by the control 2. Provide one common control policies and procedures in the organisation to address the assertions 3. Provide one procedure that could be used to test the control for the key control identified

1. In the ________ stage of an operational audit, the auditor measures the actual system against an idealstandard. internal controlevidence collectionevidence evaluationtesting 2. Which of the following is an effective data entry control to ensure that order date isless than or equal to the ship date? A validity check.A range check.A limit check.A reasonableness check. 3. The G/L and the AR Subledger are linked through the use of a Customer numberVendor numberCompany codeReconciliation account