Bundle: Accounting Information Systems, Loose-Leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
11th Edition
ISBN: 9781337587297
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Chapter 4, Problem 2DQ
Summary Introduction
To comment: On the given statement.
Introduction:
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1. Standards requires auditors obtain an understanding of an organization’s control environment. Discuss two techniques that may be used to obtain such understanding. PLease answer this thank you:)
(ANSWER IN PARAGRAPH FORM)
What are the most effective tools and techniques used in auditing IT systems and processes, and how do they help auditors identify and mitigate IT-related risks in a CIS environment?
(ANSWER IN PARAGRAPH FORM)
What are the most significant challenges that auditors face when assessing the effectiveness of Internal Control Information Technology General Controls (ITGC), and how can these challenges be overcome in order to ensure the reliability and integrity of IT systems and processes in a CIS environment?
Chapter 4 Solutions
Bundle: Accounting Information Systems, Loose-Leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
Ch. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Describe each symbol used in constructing DFDs.Ch. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - What is a logical DFD?Ch. 4 - Prob. 8RQCh. 4 - When is a set of DFDs balanced (i.e., leveled)?Ch. 4 - Prob. 10RQ
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - How will systems documentation differ between...Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 1SPCh. 4 - Prob. 2SPCh. 4 - Narrative 1: Freshplace Grocery At Freshplace...Ch. 4 - Prob. 4SPCh. 4 - Narrative 1: Freshplace Grocery At Freshplace...Ch. 4 - Prob. 6SPCh. 4 - Prob. 1PCh. 4 - Prepare a narrative to describe the system...Ch. 4 - Prob. 3PCh. 4 - Narrative 1: Good Buy, Inc (good-buy.com) Good...Ch. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Narrative 1: Good Buy, Inc (good-buy.com) Good...Ch. 4 - Prob. 8P
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- As IT auditors, it's critical that we establish a common "risk" language with management. Importantly, this common language should consider: a) How an IT risk may impact the organization's ability to generate revenue. b) How an IT risk may impact the customer experience. c) How an IT risk may impact the expenses and costs incurred by the organization, such as privacy legal fines for non-compliance. d) All of the abovearrow_forwardPerformance Task #1. Introduction to PSA 401 Instructions: Provide for the requirements given to you below. Output must be placed in a Microsoft Word following the formats specified. Your answers must be in paragraphs and must contain first person point of view. God bless! 1. Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity." 2. Explain why the auditor should have sufficient knowledge of the CIS to plan, direct, supervise and review the work performed. 3. Differentiate the process of planning the audit in a manual system and a computerized system. 4. Identify the risks of using a computerized system in the process of audit. 5. Explain the sentence "The auditor's specific audit objectives do not change whether accounting data is processed manually…arrow_forwardThe answer is just without explanation A or B or C or D ???arrow_forward
- S1: The role played by the audit committee is so significant that an ineffective audit committee or lack of it influences the auditor's assessment of the control environment. S2: Making the narrative description to document understanding of client's internal control is less time consuming compared to merely checking the answer columns in the ICQ method. S3: After obtaining sufficient knowledge about the internal control structure and verifying that the policies and procedures have actually been placed in operation, the next step would be to determine the planned assessed level of control risk for the different financial statement assertions. A. all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are truearrow_forwardOnly the answer without explain A or B or C or Darrow_forwardWhy is there a need on the part of the client entity to monitor internal controls over time? a. Because the auditor needs to obtain understanding of internal control b. Because unmonitored controls tend to deteriorate over time c. Because it will affect the timing of substantive audit procedures d. Because it is a requirement of the applicable financial reporting frameworkarrow_forward
- PCAOB Auditing Standard No. 5, titled "An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements," provides guidance for auditors when performing integrated audits. Visit the PCAOB web site (pcaobus.org) and refer to the "Standards" tab. Read the auditing standard and address the following: a. In what situations does the integrated audit apply? b. According to the standard, what is the objective of an audit of internal control over financial reporting? c. What is the role of risk assessment as it relates to the audit of internal control over financial reporting? d. How should the auditor determine which controls to test? e. How might the auditor use evidence obtained in the audit of the financial statements when concluding on the effectiveness of internal control over financial reporting?arrow_forwardA CIS environment exists when a computer of any type o. size is involved in the processing of an entity's financial information. If an auditor is involved in the configuration and system development prior to the implementation, is the financial information is considered reliable and free from error?arrow_forwardCase 3.11 - Equifax Suppose during a financial statement or ICFR audit that the auditors identify cybersecurity risks not having direct financial statement or ICFR implications. What should the audit team do in such circumstances?arrow_forward
- Do you agree with the statement “The term IT auditor should be considered obsolete because implies a distinction between regular auditors and auditor who examine computerized of accounting information system. Please state the reason why or why not.arrow_forwardUnder AICPA rules, which of the following services would generally be permitted to be provided to an audit client provided the general requirements are met? Firm accepting responsibility for monitoring client's IT controls (e.g., through automated tool) Providing advice and recommendations related to the application of an accounting standard Staff augmentation services Leading or supervising the audit client's accounting standards implementation teamarrow_forwardThe purpose of ____________ is to help manage and control risk appropriately rather than to eliminate it. Internal accounting Internal control system External audit Risk managementarrow_forward
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