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Questions and Answers of Accounting

The Peabody Coal Corporation recently completed the final feasibility report for a new general ledger accounting system. It has hired a consulting firm to program and install the new system. The
The lottery commission of a state with about $500 million a year in revenue has looked to modem technology for increasing lottery sales. The strategy is to place self- service sales machines around
Accountants understand their jobs very well. Programmers also understand their jobs. Unfortunately, accountants are rarely programmers and programmers are rarely accountants. Although an accountant
Silver Aviation assembles small aircraft for commercial use. The majority of Silverâ€™s business is with small freight airlines serving areas where the airport does not accommodate larger
Refer to the diagram for Problem 13 for the expenditure cycle.Requireda. List the entity database tables, and describe which entities need representing from an AIS perspective.b. For each item
Vince Malloy and Katy Smith, both systems personnel at Shamrock Steelworks, are designing a new expenditure cycle system. Vince has worked for Shamrock for 12 years and has been involved in many
What are the objectives of application controls?
Give three examples of application controls.
Define general controls.
What is computer fraud, and what types of activities does it include?
At which stage of the general accounting model is it easiest to commit computer fraud?
How do automated authorization procedures differ from manual authorization procedures?
Explain why certain duties that are deemed incompatible in a manual system may be combined in a computer-based information system environment. Give an example.
What are the three primary CBIS functions that must be separated?
Differentiate between general and application controls. Give two examples of each.
What are the primary reasons for separating operational tasks?
What problems may occur as a result of combining applications programming and maintenance tasks into one position?
Why is poor-quality systems documentation a prevalent problem?
What is the role of a corporate computer services department? How does this differ from other configurations?
What are the five control implications of distributed data processing?
List the control features that directly contribute to the security of the computer center environment.
What is fault tolerance?
What is RAID?
What is the meaning of the term attest services?
What are assurance services?
What are the conceptual phases of an audit? How do they differ between general auditing and IT auditing?
Distinguish between internal and external auditors.
What are the four primary elements described in the definition of auditing?
Explain the concept of materiality.
What tasks do auditors perform during audit planning and what techniques are used?
Distinguish between tests of controls and substantive testing.
Distinguish between errors and irregularities. Which do you think concern auditors the most?
Distinguish between inherent risk and control risk. How do internal controls affect inherent risk and control risk, if at all? What is the role of detection risk?
What is the relationship between tests of controls and substantive tests?
List four general control areas.
What types of documents would an auditor review in testing organizational structure controls? Why is it also important to observe actual behavior?
What are some tests of physical security controls?
What are the often-cited benefits of IT outsourcing?
Define commodity IT asset.
Define specific asset.
List five risks associated with IT outsourcing.
Discuss the key features of Section 302 of SOX.
Discuss the key features of Section 404 of SOX.
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.
Explain how general controls impact transaction integrity and the financial reporting process.
Prior to SOX, external auditors were required to be familiar with the client organization’s internal controls, but not test them. Explain.
Does a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Explain.
The PCAOB Standard No. 5 specifically requires auditors to understand transaction flows in designing their tests of controls. What steps does this entail?
What fraud detection responsibilities (if any) does SOX impose on auditors?
Explain at least three forms of computer fraud.
A bank in California has 13 branches spread throughout northern California, each with its own minicomputer where its data are stored. Another bank has ten branches spread throughout California, with
Compare and contrast the following disaster recovery options: empty shell, recovery operations center, and internally provided backup. Rank them from most risky to least risky, as well as from most
Who should determine and prioritize the critical applications? How is this done? How frequently is it done?
Discuss the differences between the attest function and assurance services.
Define the management assertions of existence or occurrence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
An organization’s internal audit department is usually considered an effective control mechanism for evaluating the organization’s internal control structure. Birch Company’s internal auditing
Give a specific example, other than the one in the chapter, to illustrate the relationship between exposure, control, audit objective, and tests of control.
Discuss the subjective nature of auditing computer center security.
Explain the outsourcing risk of failure to perform.
Explain vendor exploitation.
Explain why reduced security is an outsourcing risk.
Explain how IT outsourcing can lead to loss of strategic advantage.
Explain the role of a SAS 70 report in reviewing internal controls.
Multiply Choice1. Which of the following is NOT a requirement in management’s report on the effectiveness of internal controls over financial reporting?a. A statement of management’s
Avatar Financials, Inc., located on Madison Avenue, New York City, is a company that provides financial advice to individuals and small to mid-sized businesses. Its primary operations are in wealth
In reviewing the process procedures and internal controls of one of your audit clients, Steeplechase Enterprises, you notice the following practices in place. Steeplechase has recently installed a
The internal audit department of a manufacturing company conducted a routine examination of the company’s distributed computer facilities. The auditor’s report was critical of the lack of
Gustave, CPA, during its pi1iminaiy review of the financial statements of Comet, Inc., found a lack of proper segregation of duties between the programming and operating functions. Comet owns its
The headquarters of Hill Cist Corporation, a private company with $15.5 million in annual sales, is located in California. Hill Crest provides for its 150 clients an online legal software service
Transferring people from job to job within the organization committee is the philosophy at Arcadia Plastics. Management believes that job rotation deters employees from feeling that they are
Visit SunGard’s Web site, www.sungard.com, and research its recovery services offered for the following classes: High Availability, System Recovery, and End-User Recover. Write a report of your
Micro Systems, a developer of database software packages, is a publicly held company and listed with the SEC. The company has no internal audit function. In complying with SOX, Micro Systems has
Leigh Industries has an internal audit department consisting of a director and four staff auditors. The director of internal audit, Diane Bauer, reports to the corporate controller, who receives
Until a year ago, Dagwood Printing Company had always operated in a centralized computer environment. Now, 75 percent of the office employees have a PC. Users have been able to choose their own
Explain why managers who outsource their IT function may or may not also outsource responsibility for IT controls. What options are open to auditors regarding expressing an opinion on the adequacy of
Explain the core competency argument for outsourcing and compare/contrast it with TCE theory. Why does one theory tend to prevail over the other in making out- sourcing decisions?
What are the five control objectives of an operating system?
What are the three main tasks the operating system performs?
What is the purpose of an access control list?
What are the four techniques that a virus could use to infect a system?
What is an access token?
Explain discretionary access privileges.
What is event monitoring?
What is keystroke monitoring?
What is a vaccine, and what are its limitations?
What are the four basic backup and recovery features necessary in a database management system? Briefly explain each.
What are the risks from subversive threats?
What are the risks from equipment failure?
What is a firewall?
Distinguish between network-level and application-level firewalls.
What are the most common forms of contra- security behavior?
How does public key encryption work?
What is a digital envelope? Discuss.
What is a digital signature? Discuss.
Categorize each of the following as either an equipment failure control or an unauthorized access control.a. Message authentication b. Parity checkc. Call-back deviced. Echo checke. Line errorf. Data
What is DPI?
At what three points in an electronic data interchange transaction and validation process can authorization and validation be accomplished?
Why is human behavior considered one of the biggest potential threats to operating system integrity?
Why would a systems programmer create a backdoor if he or she has access to the program in his or her day-to-day tasks?
Discuss the issues that need to be considered implementing keystroke monitoring.

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