1. A control which relates to all parts of the EDP system is called a(n) a. Systems control c. Applications control b. General control d. Universal control 2. Which of the following is not an output control? a. Proper authorization of transaction b. Control totals c. Check digits d. Adequate documents 3. Should the auditor feel, after obtaining an understanding of the EDP internal control structure, that control risk cannot
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that have occurred in the revenue accounts. 4 Describe how to use analytical procedures to identify possible misstatements in the revenue cycle. 5 Assess inherent and control risk regarding revenue cycle accounts. 6 Use audit procedures to test the effectiveness of controls in the revenue cycle. 7 Link the auditor’s control risk assessment to the development of substantive tests of accounts in the revenue cycle. 8 Describe the factors that influence the effectiveness and efficiency of audits
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1. Actions that can damage an asset A threat: Flood, earthquake, severe storms. 2. Laws to protect private financial information * Federal information security management act(FISMA) * Sarbanes Oxley act (SOX) * Gramm leach Bliley act(GLBA) * Health insurance portability and accountability act(HIPAA) * Children’s internet protection (CIPA) * Family educational rights and privacy act (FERPA) 3. Parts of layered security that supports confidentiality * Defining organization
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EVALUATION OF INTERNAL CONTROLS EVALUATION OF INTERNAL CONTROLS E LJB COMPANY 1100 Main St Kansas City, Missouri 64105 United States (816)943-7310 (816)943-7300 2/6/2013 LJB COMPANY 1100 Main St Kansas City, Missouri 64105 United States (816)943-7310 (816)943-7300 2/6/2013 Internal control is measures adopted within an organization to safeguard its assets, enhance the reliability of accounting records, increase efficiency of operations, and ensure compliance with laws and regulations
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hiring and firing the external auditors.b. performing tests of the company's internal control structure.c. certifying the accuracy of the company's financial reporting process.d. overseeing day-to-day operations of the internal audit department. | | Save Answer | | 2. (Points: 0.5) | | Which of the following duties could be performed by the same individual without violating segregation of duties controls?a. Programming new code for accounting software and testing accounting software upgradesb
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INVESTMENTS IN FRAUDULENT COMPANIES: THE WORLDCOM FRAUD Introduction The purpose of this report is to investigate and discuss the accounting fraud that occurred at WorldCom in order to recommend improved strategies to Berkshire Hathaway’s management for avoiding investments in companies with fraudulent financials. Accounting fraud is a crime committed by high level employees at an organization to manipulate the organization’s financial statements and intentionally disguise company performance
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managers should be similar to that used for top management. 1. Explain why the segment information prepared for public reporting may not be appropriate for the evaluation of segment manager performance • • • • The segments identified in the report may not coincide with the responsibilities of the management Fixed costs are allocated for public reporting purposes Fixed costs are allocated arbitrarily Information available does not take management performance amidst adverse circumstances into consideration
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Section 5 Audit Process: Audit Planning To Fieldwork Section 5 documents how the Office of the City Auditor complies with standards related to reasonable assurance, significance, audit risk, and planning. This section provides guidance on the how to apply those standards in conducting audits based on the Citywide Risk Assessment model or requested audits. Specifically, this section will cover the initial planning phase of the audit (preliminary survey) that begins with start the audit, preliminary
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Cardillo Travel Systems Jennifer Aponte Professor Bunney Schmidt ACC 562 May 24, 2015 Week 7 assignment Fraud is a major problem for organizations all over as it involves theft and fraudulent financial statements. As the number of individuals involved increases, fraud expands and worsen within a company since there are more people supporting the wrong acts instead of doing what is right. Cardillo Travel Systems was the largest company in the travel agency industry in the 1980’s where it was first
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|FACULTY OF ACCOUNTANCY AND MANAGEMENT | GROUP ASSIGNMENT Subject: Auditing and Assurance Services 1 Unit Code: UKAF 2113 Case Study TROBERG STORES Instructions for the preparation of group assignment A) General instructions • This assignment requires students to study the case Troberg Stores,a retail business on the issues of internal control and compliance to laws & regulations It should not
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