Why does the test-data approach only provide evidence that the control operated at one point in time?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-1259087462

7th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jun 22, 2019 09:06 AM

See More Questions

Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used...
1. Auditors initial response to computer systems was to audit around the computer. This strategy is least likely to be successful in an audit of a. A batch processing system for payroll. b. A card-...
Multiple Choice Questions The following questions concern auditing complex IT systems. Choose the best response. a. Which of the following client IT systems generally can be audited without examining...
Compute the indicated quantities for the given homomorphism. Ker () for : S 3 Z 2 in Example 13.3 Data from Example 13.3 Let S n be the symmetric group on n letters, and let : S n Z 2 be defined by...
Give the product that would be obtained from the reaction of cholesterol with each of the following reagents: a. H2O,H+ b. BH3 in THF, followed by H2O2 + HO- c. H2, Pd/C d. Br2 + H2O e. Peroxyacetic...
In Exercises 1924, use the Leading Coefficient Test to determine the end behavior of the graph of the polynomial function. f(x) = 5x 3 + 7x 2 - x + 9
In order to study consumer preferences for health care reform in the U.S., rescarchers from the University of Michigan surveyed 500 U.S. households (Journal of Consumer Affairs, Winter 1999). Heads...
A local lending institution advertises the "51-50 Club." A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual...
Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It depends upon how the LLC chooses to be treated for tax purposes Form 1065 Form 1040 Schedule C
Five weeks ago, Robin Corporation borrowed from the commercial finance company that employs you as a loan officer. At that time, the decision was made (at your personal urging) to base the loan rate...
What role do CAATs play in the overall audit plan?
Why is it important that data selected for parallel simulation tests are representative? How can the audit team determine if the data are representative?
Based on Equation 5.46, what value of $\beta$ would result in the annual minimum value of the incidence angle $i$ ? Note that this tilt angle would result in maximum collection of beam radiation...
Shamika conducts a study comparing the performance of individuals on the first quiz in each of two classes taken in the first term of their freshman year. The scores, out of 100, are provided for...
Adult Sleep Times (hours) of sleep for randomly selected adult subjects included in the National Health and Nutrition Examination Study are listed below. Here are the statistics for this sample: n =...
Topic: I made a couple changes X Zag HCHW Ch 2 (31) (1).pdf X W2ag HW Ch 1 (20) - Physics 2ag X /Desktop%20user/Downloads/2ag%20HCHW%20Ch%202%20(31) %20(1).pdf f o search Hi 2/14 - I + 90% + 1.1 a....
Cashless Society. 40% of consumers believe that cash will be obsolete in the next 20 years (based on a survey by J.P. Morgan Chase). In each of Exercises 15-20, assume that 8 consumers are randomly...
Pacifico Company, a U . S . - based importer of beer and wine, purchased 1 , 3 0 0 cases of Oktoberfest - style beer from a German supplier for 3 1 2 , 0 0 0 euros. Relevant U . S . dollar exchange...
Give an example of a transition matrix for an absorbing Markov chain for which [.3 .1 .6] is a stationary matrix.
What are the principal differences among asset liquidity management, liability management, and balanced liquidity management?
Why does an inventory of Rolex watches have a high inherent risk, and why does the auditor expect management to have strong controls over this inventory?
Describe the two extreme cases of control risk assessment that an auditor could encounter in practice.
What is the impact on audit work of a clean audit as compared with a dirty audit?
Only need help on 4B and 5. Exercise 9-21 Breakeven Planning; Profit Planning (LO 9-2, 9-3] Connelly Inc., a manufacturer of quality electric ice cream makers, has experienced a steady growth in...
A project with an initial cost of $32,000 is expected to provide cash flows of $12,900, $13,100, $16,200, and $10,700 over the next four years, respectively. If the required return is 8.1 percent,...
A company that is expecting to receive EUR 500,000 in 60 days is considering entering into an FX futures contract to lock an exchange rate to USD for the transaction. The FX rate on the contract is...

Why does the test-data approach only provide evidence that the control operated at one point in time?

Question:

Step by Step Answer:

Test data only test controls embedded in the compu...View the full answer

Auditing An International Approach

Students also viewed these Business questions