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accounting information systems

Questions and Answers of Accounting Information Systems

The mayor of Groningen in the Netherlands has been accused of using government funding for private lessons in Spanish. He took this course because he wanted to find a new job in Spain. This has
Identify the six objectives of an information system audit, and describe how the risk-based audit approach can be used to accomplish these objectives.
Figure 12-20 depicts the activities performed in the revenue cycle by the Newton Hardware Company.REQUIREDa. Identify at least three weaknesses in Newton Hardware’s revenue cycle. Explain the
The set of instructions for taking advantage of a flaw in a program is called a(n) .a. vulnerabilityb. patchc. updated. exploit
What three things do high-performing organizations never do?
The sixth objective in an IS audit is protecting data files. Select all of the following controls that would be effective in minimizing the threats to a company’s data files.a. Storage of data in a
How should merchandise be delivered to customers? Should the company perform the shipping function itself or outsource it to a third party that specializes in logistics?
The following table presents the results of using a CAAT tool to interrogate the XYZ Company’s ERP system for revenue cycle activities. It shows the number of times each employee performed a
Excel Project.REQUIREDa. Create a spreadsheet that contains the following data:SALESPERSON DATE CALLS MADE Smith 07/03 100 Barnes 07/05 110 Martinez 07/13 95 Jackson 07/20 115 Hsu 07/28 120 Smith
For effective internal control, which of the following duties can the person who handles customer payments also perform?a. Issue credit memosb. Reconcile the bank accountc. Maintain accounts
Which of the following controls would be most effective in mitigating the risk of inventory theft?a. Reconciling shipping documents to sales orders, picking lists, and packing slipsb. Separating the
Which of the following is an example of the type of fraud referred to as misappropriation of assets?a. Embezzlementb. Lappingc. Inventory theftd. All of the abovee. None of the above
Which of the following violates proper segregation of duties?a. The same person maintains both accounts receivable and accounts payable.b. The same person approves sales orders that exceed a
Which of the following pairs of duties combines the functions of custody and authorization in a manner that would allow an employee to conceal the theft of a customer’s payment?a. Handling cash
Which of the following types of fraud requires access to the accounts receivable master file?a. Lappingb. Kitingc. Theft of inventoryd. None of the above
The CEO is concerned about the possibility of employees stealing inventory. In the formal language used for risk analysis, theft of inventory is referred to as a(n) .a. riskb. exposurec. expected
For good internal control in an ERP system, sales staff should be permitted to .a. adjust customer credit limitsb. issue credit memosc. both of the aboved. neither of the above
Which of the following procedures, by itself, is most effective at preventing employees from stealing cash?a. Restrictively endorsing all checks from customers upon receiptb. Having someone who has
Which of the following combinations of duties can the same employee perform without violating the principle of segregation of duties?a. Shipping inventory and billing customersb. Issuing credit memos
Look at Exhibit 2‑4 and pick one accounting software product from the midmarket segment and one software product from the tier 1 ERP segment. Using those brand names of software, search the
If your personal data was stored on a server in cloud computing, would you have any concerns about it?
Computer applications use routines for checking the validity and accuracy of transaction data calleda. operating systems.b. edit programs.c. compiler programs.d. integrated test facilities.c.
How does a direct access file processing system edit individual transactions?a. takes place in a separate computer runb. takes place on-line mode as transactions are enteredc. takes place during a
Which of the following is an example of an input control?a. making sure that output is distributed to the proper peopleb. monitoring the work of programmersc. collecting accurate statistics of
In a computer system, how are accounting records posted?a. master file is updated to a transaction fileb. master file is updated to an index filec. transaction file is updated to a master filed.
The controls in a computerized system are classified as:a. input, processing, and output.b. input, processing, output, and storage.c. input, processing, output, and control.d. input, processing,
An employee in the receiving department keyed in a shipment from a remote terminal and inadvertently omitted the purchase order number. The best systems control to detect this error would be aa.
In an automated payroll processing environment, a department manager substituted the time card for a terminated employee with a time card for a fictitious employee. The fictitious employee had the
Sarbanes-Oxley legislation calls for sound internal control practices over financial reporting and requires SEC-registered corporations to maintain systems of internal control that meet SOX
Which of the following is NOT a test for identifying application errors?a. reconciling the source codeb. reviewing test resultsc. retesting the programd. testing the authority table
Which of the following is NOT a common type of white box test of controls?a. completeness testsb. redundancy testsc. inference testsd. authenticity tests
An electronic walkthrough of the application's internal logic is calleda. a salami logic test.b. an integrated test.c. tracing.d. a logic bomb test.
Describe the types of application control used for the following data in a payroll system.a. Employee nameb. Employee numberc. Social Security numberd. Rate per hour or salarye. Marital statusf.
Although the threat to security via external penetration is often seen as the greatest threat, many threats are internal. Computer frauds include (1) input manipulation, (2) program alteration, (3)
A well-designed system can prevent both intentional and unintentional alteration and destruction of data. These data controls can be classified as (1) input controls, (2) processing controls, and (3)
You have been hired by a catalog company to computerize its sales order entry forms. Approximately 60 percent of all orders are received over the tele- phone, with the remainder either mailed or
Two years ago an external auditing firm supervised the programming of embedded audit modules for Previts Office Equipment Company. During the audit process this year, the external auditors requested
The internal auditors of Brown Electrical Company report to the controller. Due to changes made in the past year to several of the transaction processing programs, the internal auditors created a new
As the manager of the external audit team, you realize that the embedded audit module only writes "material" invoices to the audit file for the accounts receivable confirmation process. You are
As an auditor, discuss any concerns that you would have, and any actions that you would take, in the following situation: You are conducting substantive tests on the accounts receivable file to
Avatar Financials Inc., located on Madison Avenue, New York is a company that provides financial advice to individuals and small to mid- sized businesses. Its primary operations are in wealth
The internal audit department of Sachem Manufacturing Company is considering buying computer software that will aid in the auditing process. Sachem's financial and manufacturing control systems are
Andre Co's chief information officer, Robert Ganning, has been asked to present a plan for the development and implementation of a new system. Peter Martin, an internal auditor for Andre Co, has been
Using the supplemental information below analyze the flowchart shown on the following page.Required:Identify and describe:a. Areas in the payroll processing system where the internal controls are
List the six systems development controls dis- cussed in the chapter. List the two systems maintenance controls.
Give one example of an error that is detected by a check digit control.
What is meant by auditing around the computer versus auditing through the computer? Why is this so important?
What is a run-to-run control?
What types of output would be considered extremely sensitive in a university setting? Give three examples and explain why the information would be considered sensitive. Discuss who should and should
What are the classes of transcription errors?
Compare and contrast the following techniques based on costs and benefits: test data method base case system evaluation tracing integrated test facility parallel simulation
In 2002, Mr. Rollerball started Mighty Mouse Incorporated, a small, 75-employee firm that pro- duces and sells wireless keyboards and other devices to vendors through its manufacturing plant in
Stephanie Baskill, an unemployed accounting clerk, lives one block from Cleaver Manufacturing Company. While walking her dog last year, she noticed some ERP manuals in the dumpsters. Curious, she
Intex Corporation is a multinational company with approximately 100 subsidiaries and divisions, referred to as reporting units. Each reporting unit operates autonomously and maintains its own
Listed below are five scenarios. For each scenario, discuss the possible damages that can occur. Suggest a preventive control.a. An intruder taps into a telecommunications device and retrieves the
Listed below are five scenarios. For each scenario, discuss the potential consequences and give a prevention technique.a. The systems operator opened a bag of burned. microwave popcorn directly under
The following information is stored in two relational database files:Required: a. Bogey works in personnel and Bacall works in payroll. Prepare a database authorization table that you feel is
Brew Bottle Company (BBC) is in the process of planning a more advanced computer-based information system. Slavish & Moore, LLP. BBC's consulting firm, have recently been provided with an overview of
The Sarbanes-Oxley Act contains many sections. Which sections are the focus of this chapter?
What control framework is recommended by the PCAOB?
Explain why certain duties that are deemed incompatible in a manual system may be combined in a CBIS environment. Give an example.
What are redundant arrays of independent disks (RAID)?
List 4 general control areas.
Discuss the key features of Section 302 of the Sarbanes-Oxley Act.
Discuss the key features of Section 404 of the Sarbanes-Oxley Act.
The PCAOB's Standard No. 2 specifically requires auditors to understand transaction. flows in designing their test of controls. What steps does this entail?
What fraud detection responsibilities (if any) are imposed on auditors by SOX?
A bank in California has 13 branches spread throughout northern California, each with its own minicomputer where its data are stored. Another bank has 10 branches spread through- out California, with
Discuss why any distinction between IS auditing and financial auditing is not meaningful.
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 responsibility for establishing
Which of the following is NOT an implication of Section 302 of the Sarbanes-Oxley Act?a. Auditors must determine, whether changes in internal control has, or is likely to, materially affect internal
Which of the following statements is true?a. Both the SEC and the PCAOB require the use of the COSO framework.b. Both the SEC and the PCAOB require the COBIT framework.c. The SEC recommends COBIT and
Which of the following is NOT a control implication of distributed data processing?a. redundancyb. user satisfactionc. incompatibilityd. lack of standards
Which of the following disaster recovery techniques may be least optimal in the case of a widespread natural disaster?a. empty shellb. ROCc. internally provided backupd. they are all equally
Which of the following is NOT a potential threat to computer hardware and peripherals?a. low humidityb. high humidityc. carbon dioxide fire extinguishersd. water sprinkler fire extinguishers
Computer accounting control procedures are referred to as general or application controls. The primary objective of application controls in a computer environment is toa. ensure that the computer
Which of the following is NOT a task performed in the audit planning phase?a. reviewing an organization's policies and practicesb. determining the degree of reliance on controlsc. reviewing general
Which of the following risks is least controllable by the auditor?a. inherent riskb. control riskc. detection riskd. all are equally controllable
Which of the following would strengthen organizational control over large-scale data processing center?a. requiring the user departments to specify the general control standards necessary for
Avatar Financials Inc., located on Madison Avenue, New York, 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 Hastone Manufacturing Company recently concluded a routine examination of the company's computer facilities. The auditor's report identified as a weakness the fact
Gustave, CPA, during its preliminary 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 Crest Corporation, a pri- vate 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 is the philosophy at Arcadia Plastics. Management feels that job rotation deters employees from feeling that they are stagnating in their
Visit SunGard’s web site, http://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
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
What are the three main tasks performed by the operating system?
What is a three-way handshake?
What are denial of service attacks? Can they be thwarted?
Will a vertical parity check always catch a data transmission error? Why or why not?
Discuss the issues that need to be considered before implementing keystroke monitoring.
Explain how an access token and an access control list are used to approve or deny access.
Many authorities believe that 90 percent of all computer fraud acts are not prosecuted by the employer. What do you think accounts for this lack of prosecution? Discuss the importance of the
Is access control of greater concern in the flat- file or database file environment?
End-user computing has become extremely popular in distributed data processing organizations. The end users like it because they feel they can more readily design and implement their own
Explain the grandparent-parent-child backup technique. Is it used for sequential files or direct access techniques? Explain.
Distinguish between data access and access privileges. Give an example by designing and explaining a database authorization table.

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