MindTap Accounting, 1 term (6 months) Printed Access Card for Hall's Accounting Information Systems, 10th
10th Edition
ISBN: 9781337619257
Author: Hall, James A.
Publisher: Cengage Learning
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Chapter 4, Problem 12P
a.
To determine
Explain the control weaknesses represented in the system flowchart.
b.
To determine
Describe the risks linked with the control weaknesses.
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Refer to the system flowchart labeled Problem 4.Requireda. Discuss the uncontrolled risks associated with the systems as currently configured. b. Describe the controls that need to be implemented into the system to mitigate the risks in thegiven scenario.
INTERNAL CONTROLS AND FLOWCHART ANALYSIS
a. Identify the physical control weaknesses depicted in theflowchart for Problem 2.b. Describe the IT controls that should be in place in this system.
a. Identify the physical control weakness depicted in the flowchart for Problem 2
b. Describe the IT controls that should be in place in this system
Chapter 4 Solutions
MindTap Accounting, 1 term (6 months) Printed Access Card for Hall's Accounting Information Systems, 10th
Ch. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - What function does the receiving department serve...Ch. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Distinguish between an edit run, a sort run, and...
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - In a manual system, after which event in the sales...Ch. 4 - Prob. 18RQCh. 4 - What document initiates the billing process?Ch. 4 - Prob. 20RQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - What financial statement misrepresentations may...Ch. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - How is EDI more than technology? What unique...Ch. 4 - Prob. 17DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 10MCQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7PCh. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10PCh. 4 - Prob. 11PCh. 4 - Prob. 12PCh. 4 - In 1989, Robert Smith opened a small fruit and...Ch. 4 - Posavek is a wholesale supplier of building...Ch. 4 - Prob. 3ICCCh. 4 - (Prepared by Will Richens and Michael Catchpole,...Ch. 4 - Prob. 6ICC
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- Refer to the system flowchart below and identify the internal control risks represented in it:arrow_forward3. Risk registers would normally detail which of the following: (Select all that apply.) A. Risk level before controls are implemented B. Risk lével after controls are implemented C. Responsibility for managing risks D. The total cost of a control being implemented Answer: Page 3 of 11 ted States) E Focus МacВook Proarrow_forwardUsing the flowchart provided below, identify control problems, related risks of the problem and corrective actions to mitigate the risk. Format: Problem Risk Controlarrow_forward
- Identify three control weaknesses depicted in the flowchart below.arrow_forwardThe control environment is seen as the foundation for all other components of internal control. (T/F)arrow_forwardThe are several techniques for recording the assessment of control risk. One or more of the following may be used depending on the complexity of the system. Briefly explain the ... Narrative notes Questionnaires flowcharts checklistsarrow_forward
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- Choose only one answer as well as state their reasons/rationale for the answer chosen. 7) Which input control is designed to prevent a buffer overflow attack?a. Size checkb. Reasonableness testc. Range checkd. Field checkarrow_forwardInternal controls are perhaps the most important tools for managing operational risk. What are internal controls? Give three examples of internal controls and explain how each control is used to minimize operational risk.arrow_forward7.8 Tralor Corporation manufactures and sells several different lines of small elec- tric components. Its internal audit department completed an audit of its expen- diture processes. Part of the audit involved a review of the internal accounting controls for payables, including the controls over the authorization of transactions, accounting for transactions, and the protection of assets. The auditors noted the following items: 1. Routine purchases are initiated by inventory control notifying the purchasing de- partment of the need to buy goods. The purchasing department fills out a prenum- bered purchase order and gets it approved by the purchasing manager. The original of the five-part purchase order goes to the vendor. The other four copies are for pur- chasing, the user department, receiving for use as a receiving report, and accounts payable. 2. For efficiency and effectiveness, purchases of specialized goods and services are ne- gotiated directly between the user department and…arrow_forward
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