Your company, Tractors, Inc., is employing the SDLC for its new information system. You have been chosen as a member of the development team because of your strong accounting background. This background includes a good understanding of both financial and managerial accounting concepts and required data. You also possess a great understanding of internal control activities. You do not, however, fully understand exactly what the internal auditors will need from the system in order to comply with Section 404 of the Sarbanes-Oxley Act. Lay out the fact-gathering techniques you might employ to increase your understanding of this important component of your new system.

Q: Victoria Lilly is a practicing CPA. A long-time audit client has asked Lilly to design and implement…

A: 1. Difference between independence in "fact" and independence in "appearance".The independence in…

Q: Respond to each of the following comments that you heard related to the audit of Swan Company, a…

A:

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Answer: Threats to independence occurs when there is audit in any company. There are various types…

Q: Gustave, CPA, during its preliminary review of the financial statements of Comet, Inc., found a lack…

A: Internal Control System: An internal control is utilized by the management of a company to deliver a…

Q: Based on the above article, discuss the role of public sector auditing in the process of ensuring…

A: Public sector auditing based on public sector auditing standards help determine the financial…

Q: Which of the following is NOT likely to be considered as a management function? 1.Creating a…

A: The functions of management briefly refers to process of planning, controlling, staffing,…

Q: Enron's directors realized that Enron's conflict of interests policy would be violated by Fastow's…

A: The entities or vehicles which have been designed or developed especially for certain specific…

Q: Is independence impaired when an auditor is hired, paid, and fired by the same corporate managers…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: type of the auditors

A: Audit of internal controls is done to ensure whether control function regarding each transaction is…

Q: Recall, in Chapter 11, the first case was about Hammaker Manufacturing (HM), a company that decided…

A: Here the main concerned which are related with the safety and security of data and physical presents…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Answer: There is threat to auditor independence. These are of various kinds: self interest threat…

Q: Which of the following are not the rights of the auditors? a) The right to all information and…

A: The auditor is not permitted to attend board or director meetings when topics concerning the…

Q: Which one of the following is not true about internal auditors? Reports to management or those…

A: An internal auditor (IA) is an individual or company who audits the financial statements provided by…

Q: Which of the following would be considered the most significant problem for internal auditif the…

A: The most significant problem for internal auditif the chief audit executive reports to the…

Q: Read the given cases. Then, identify the most applicable technique of gathering evidence in each…

A: The different techniques of gathering audit evidence are by: Observation Examination Interview

Q: Micro Systems, a developer of database software packages, is a publicly held company and listed with…

A: Different parties have different roles in the establishment, maintenance, and evaluation of the M’s…

Q: Question: Describe the inadequacies in the corporate governance system at Hallibution   ( This Is…

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Q: You have been working in the accounting department of AAA Limited since 2000. During this period,…

A: What is meant by Enterprise resource planning system (ERP): In today's world of business, the uses…

Q: You have been working in the accounting department of AAA Limited since 2000. During this period,…

A: When a firm recruits for a senior position, Then the company should conduct all relevant analyses…

Q: To what extent do auditors contribute to the smooth functioning of a company? Using appropriate…

A: Auditing: Cross-checking financial records with physical inventory and other data is called…

Q: Based on the given scenario, outline your response to the management's proposal and mention any…

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Q: You are the CEO of a large organization that implemented a data warehouse for internal analysis of…

A: Data Warehouse: Data warehouse refers to the collection of data to make business decisions. The…

Q: XYZ Company hired you as an internal control officer to help the company in developing the internal…

A: Internal controls are the systems utilized by a company to manage risk and diminish the prevalence…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: Audit:- An audit is considered as the physical examination of books of accounts of a company through…

Q: According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in…

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Q: Auditors are important because they are able to provide assurance of an organization's financial…

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A: For prevention of fraud, theft, and manipulation of records, control over the internal procedure…

Q: An internal control system is made up of all rules and processes that are used to safeguard assets,…

A: Here is the Answer

Q: The following relates to the Menendez–Halliburton situation described in the text.(a) How would you…

A: (a)

Q: Which of the following is true of internal​ control?         A. Internal control procedures tend to…

A: Internal control  is implemented  in organizations  by management

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A: Audit: Auditing is the systematic verification of the books of accounts and the voucher documents to…

Q: The role of internal audit is to provide independent assurance that an organisation's risk…

A: Internal auditors occupy a distinct role inside the organisation. He or she is hired by management…

Q: Anna Santos audited the information system of Flores Corporation. Upon her evidence collection, she…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Which of the following is not a way by which the Sarbanes-Oxley Act attempts to ensure auditor…

A:

Q: Mr X, head of the accounting department, conducted a meeting with a system professional, Miss…

A: This answer may vary from person to person. However a general opinion is devised based on…

Q: Choose the correct.Which of the following is not a way by which the Sarbanes–Oxley Act attempts to…

A: The explanation for the given options:

Q: 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…

A: The following concepts are discussed below.

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Familiarity threat is the threat that due to a long or close relationship with a client or employer,…

Q: he role of internal audit is to provide independent assurance that an organisation's risk…

A: Audit refers examination of company financial statements or books and it helps in detecting the…

Q: which of the following areas would an internal audit be required to have proficiency when carrying…

A: Internal auditor be required to have proficiency when carrying out an audit of corporate governance…

Q: Veronica is the information systems (IS) auditor of Puno Corporation. In the execution of the audit,…

A: Veronica who is the auditor in this case can gather evidence by examining records or can conduct…

Q: Which threat may occur when a professional accountant may be deterred from acting objectively by…

A: Intimidation threat may occur when a professional accountant may be deterred from acting objectively…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: Audit:- An audit is considered as the physical examination of books of accounts of a company by an…

Q: Public accounting businesses may achieve adequate professional standards only if they have an…

A: It is only through implementing efficient quality control and monitoring system that public…

Q: Which of the following is not a way by which the Sarbanes–Oxley Act attempts to ensure auditor…

A: Definition:   Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the…

Q: As a Professional Accountant, you are regarded as an expert with specialized knowledge acting…

A: Ethical issues: These are the conflicts that arise in a business environment bringing into question…

Q: Explain one way the external auditor's responsibilities regarding a public company's system of…

A: Auditor is the independent personnel who is responsible to evaluate and check the accuracy and…

Q: Which threat may occur when, because of a close relationship, a professional accountant becomes too…

A: Familiarity threats, which may occur when, because of a close relationship, a professional…