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Information system Final exam

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ACL is an example of;Answer;An EDI software package;An IT software package;Software that allows auditors to retrieve data from client systems;A type of networking;For an engagement in which the auditor performs a set of agreed-upon procedures, the auditor should do any of the following except;Answer;Compare the procedures to be applied to the specified users? written requirements;Discuss the procedures with a representative of the users;Perform procedures similar to those applied in a review engagement;Review contracts or correspondence from the specified users;Before issuing a report on the compilation of?nancial statements of a nonpublic entity, the accountant should;Answer;Apply analytical procedures to selected financial data to discover any material misstatements;Corroborate at least a sample of the assertions management has embodied in the financial statements;Inquire of the client?s personnel whether the financial statements omit substantially all disclosures;Read the financial statements to consider whether the financial statements are free from obvious material errors;When an auditor reports on?nancial statements prepared on an entity?s income tax basis, the auditor?s;report should;Answer;Disclose that the statements are not intended to conform with generally accepted accounting principles;Disclaim an opinion on whether the statements were examined in accordance with generally accepted;auditing standards;Not express an opinion on whether the statements are presented in conformity with the comprehensive;basis of accounting used;Include an explanation of how the results of operations differ from the cash receipts and disbursements;basis of accounting;An auditor will use the IT test data method in order to gain certain assurances with respect to the;Answer;Input data;Machine capacity;Procedures contained within the program;Degree of keypunching accuracy;An auditor?s study and evaluation of the internal accounting control system made in connection with an;annual audit is usually not suficient to express an opinion on an entity?s system because;Answer;The evaluation of weaknesses is subjective enough that an auditor should not express an opinion on the;internal accounting controls alone;The audit cost-benefit relationship permits an auditor to express only reasonable assurance that the system;operates as designed;Management may change the internal accounting controls to correct weaknesses;Only those controls on which an auditor intends to rely are reviewed, tested, and evaluated;Apply analytical procedures to selected financial data to discover any material misstatements;Corroborate at least a sample of the assertions management has embodied in the financial statements;Inquire of the client?s personnel whether the financial statements omit substantially all disclosures;Read the financial statements to consider whether the financial statements are free from obvious material errors;When an auditor reports on?nancial statements prepared on an entity?s income tax basis, the auditor?s;report should;Answer;Disclose that the statements are not intended to conform with generally accepted accounting principles;Disclaim an opinion on whether the statements were examined in accordance with generally accepted;auditing standards;Not express an opinion on whether the statements are presented in conformity with the comprehensive;basis of accounting used;Include an explanation of how the results of operations differ from the cash receipts and disbursements;basis of accounting;An auditor will use the IT test data method in order to gain certain assurances with respect to the;Answer;Input data;Machine capacity;Procedures contained within the program;Degree of keypunching accuracy;An auditor?s study and evaluation of the internal accounting control system made in connection with an;annual audit is usually not suficient to express an opinion on an entity?s system because;Answer;The evaluation of weaknesses is subjective enough that an auditor should not express an opinion on the;internal accounting controls alone;The audit cost-benefit relationship permits an auditor to express only reasonable assurance that the system;operates as designed;Management may change the internal accounting controls to correct weaknesses;Only those controls on which an auditor intends to rely are reviewed, tested, and evaluated

 

Paper#29090 | Written in 18-Jul-2015

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