Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Did I answer this correctly? Will thumbs up if correct. Janice and Stephen are discussing the recent installation of an evaluated receipt settlement system by
Did I answer this correctly? Will thumbs up if correct.
Janice and Stephen are discussing the recent installation of an evaluated receipt settlement system by one of their major audit clients. Janice notes that there are various types of controls in an ERS system. Stephen asks Janice to provide an example of such a control. Which of the following represents her best response? An ERS system generates regular reports on discrepancies that have arisen when comparing the receiving report to the associated liability, pertaining to the occurrence assertion. An ERS system generates reports relating to the period in which goods were received compared to the period the goods were recorded in the general ledger, pertaining to the completeness assertion. An ERS system generates regular reports pertaining to receiving reports that do not have a corresponding liability recorded, which pertains to the cutoff assertion. None of these answer choices are correct
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started