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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Question
Chapter 4, Problem 2P
a.
To determine
Discuss the physical control weaknesses depicted in the flow chart.
b.
To determine
Discuss the IT controls that are placed in given flow chart.
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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.
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 CONTROL
Examine the flowchart below and determine any control threats. Specifically discuss the control problems, the possible dangers, and any corrective procedures you would recommend.
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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Similar questions
- The control environment is seen as the foundation for all other components of internal control. (T/F)arrow_forwardRefer to the system flowchart below and identify the internal control risks represented in it:arrow_forwarda. Identify the physical control weakness depicted in the flowchart for Problem 2 b. Describe the IT controls that should be in place in this systemarrow_forward
- PHYSICAL CONTROLSUsing the flowchart of a purchases system for this Problem, identify sixmajor physical control weaknesses in the system. Discuss theunmitigated risks associated with each weakness.arrow_forwardExamine the flowchart and determine any control threats. Specifically discuss the control problems, the possible dangers, and any corrective procedures you would recommend.arrow_forwardThis method of documenting understanding of internal control structure is advantageous because it serves as a checklist thereby preventing the likelihood of missing a significant area of the controls: *A. Internal control questionnaire methodB. Narrative memorandum methodC. Flowchart methodD. Decision tablesE. All of themarrow_forward
- describe the uncontrolled risks in the system in risk analysis and internal controlarrow_forwardDiscuss the risks depicted by the fixed asset system flowchart. Describe the internal control improvements to the system that are needed to reduce these risks.arrow_forwardIn the consideration of internal control, the operating effectiveness of controls is tested by: Flowcharts verification, Test of controls substantive procedures, or Decision tables, or neitherarrow_forward
- How testing transaction as appropriate in internal control system?arrow_forwardexplain the importance of internal control procedures.arrow_forwardRequired: a. Create a document flowchart of the existing system. b. Analyze the internal control weaknesses in the system. Model your response according to the six categories of physical control activities specified in SAS 78. 1.Transaction Authorization 2.Segregation of Duties 3.Supervision 4.Accounting Records 5.Access Control 6.Independent Verificationarrow_forward
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