Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Question
Chapter 9, Problem 6DQ
Summary Introduction
To describe: The situation where Person X experienced or employed controls.
Introduction:
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Match each of the following control activities with its definition.
Control Activities
Definitions
1. Separation of duties
2. Physical controls
3. Proper authorization
4. Employee management
5. Reconciliations
6. Performance reviews
a. The company should maintain security over assets and accounting records.b. Management should periodically determine whether the amounts of physical assets of the company match the accounting records.c. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties.d. The actual performance of individuals or processes should be checked against their expected performance.e. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees.f. To prevent improper use of the company’s resources, only certain employees are allowed to carry out certain business activities.
Keeping supplies in a locked room with access allowed only to authorize personal is an example of which preventative control?
A.) separation of duties
B.) proper authorization.
C.) physical controls
D.) employee management
When planning the audit of internal controls for an issuer, the audit team shoulda. Identify significant accounts, locations, and assertions.b. Conduct a walkthrough of the internal control process.c. Make inquiries of employees regarding the existence of control activities.d. Reperform control activities performed by client employees to determine theireffectiveness.
Chapter 9 Solutions
Accounting Information Systems
Ch. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - How could the control matrix be used to recommend...Ch. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 7RQCh. 9 - Name and explain four different types of batch...Ch. 9 - Prob. 9RQCh. 9 - Prob. 10RQ
Ch. 9 - Prob. 1DQCh. 9 - Explain why input controls are so important....Ch. 9 - Describe the similarities and differences between...Ch. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - The following is a list of six control plans from...Ch. 9 - Prob. 2SPCh. 9 - Figure 9.10 lists 10 control plans from this...Ch. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Prob. 5PCh. 9 - Prob. 6P
Knowledge Booster
Similar questions
Share your internal control example. What is an internal control you have witnessed? Maybe at work, as a customer, etc.
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Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls. Discuss the options in selecting a control framework.
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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.
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Describe the benefits of internal control report.
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Discuss the importance of supervision controls in the receiving department and the reasons behind blinf fields on the receiving report
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Auditor's goal is to better assist their clients by learning about a client's internal control.
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Which of the following is not included in the steps to evaluate the internal control system?
a.
Interview Customers
b.
Interview Management
c.
Interview Owners
d.
Interview Employees
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Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why?
(d) An employee received an email purporting to be from her boss informing her of an important new attendance policy. When she clicked on a link embedded in the email to view the new policy, she infected her laptop.
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What element of internal control would include the setting of "tone at the top"?
a.control environment
b.risk assessment
c.monitoring
d.control activities
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Discuss management responsibilities for maintaining internal controls with an organization?
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What types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?
What types of controls are in place to protect data (such as company information or customer personal information)?
Choose one more internal control principle from this module, and explain how the company implements that principle and the purpose?
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Auditor conducts employee interview as a part of evaluation of internal control
a.
To understand whether the employees are satisfied or not
b.
To determine how well individuals are trained for their job
c.
To understand the opinion of employees about the management
d.
To understand the opinion of employees about the company
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