fy types of errors that may cau

Q: With respect to signing checks - how are duties segregated?

A: Segregation of Duties: Segregation of duties is a part of internal controls. In segregation of…

Q: Which of the following is NOT an example of application control?* a. Pre-filled forms are already…

A: Control Activities - The policies, tactics, methods, and processes known as control activities are…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: What is data inconsistency? occurs when a system produces correct and consistent data the practice…

A: Solution- Data inconsistency is a situation where there are multiple tables within a database that…

Q: The need to physically check bills of lading and other documents can be eliminated by using RFID.…

A: We first need to understand RFID technology and how it works. Radio frequency identification (RFID)…

Q: below presents the payroll procedures of XYZ Limited. We discussed various aspects of such payroll…

A: Payroll In a simple word payroll means the compensation which are provided by the companies to its…

Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and…

A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and…

Q: All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one of the…

A: True, All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one…

Q: All of the following are examples of sales order entry system controls except?   Digital…

A: Step:1 Sales order Control Systems are Enabled by the organization for Controlling not increasing…

Q: Describe the differences between keeping a check stub record of checks written versus a check…

A: A check stub record is a part of a check that is kept for record-keeping purposes. When you write a…

Q: Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll…

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: .Explain the relation ship between application controls and transaction related audit objectives .…

A:

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: For the purpose of internal control, the same person who prepares payroll checks should also…

A: The segregation of duties is a fundamental principle in internal control, and it is designed to…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 10) An…

A: Record count is the count of the total number of records of a batch. here there will be a count of…

Q: ________________involves checking the arithmetical accuracy of a source of document and accounting…

A: Audit evidence is the information and data so collected by the auditor in order to obtain the…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: Internal control is enhanced by separating the control of a transaction from the record-keeping…

A: Internal control function is implemented in the organizations so that internal policies and…

Q: FireballCompany requires that all documents supporting a check (purchase order, invoice, and…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer…

A: Closed loop verification :             It can be said as closed loop authentication and can be…

Q: . A threat to the expenditure cycle that involves an employee creating and approving fictitious…

A: The type of fraud can be difficult to detect, as the employee may take steps to cover their tracks…

Q: What classes and associations would be included in a model that describes the information needed for…

A: Accounts receivable are the overdue payments owed to a firm by its customers or clients for products…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: CONTROL PROCEDURE ARE METHODS USED BY THE COMPANY TO MAINTAIN CONTROL AND CHECK THE VALIDITY AND…

Q: Sandol Corporation has numerous customers. A customer file is kept on disk storage. Each customer…

A: An auditor is expected to inspect credit references in client files to ensure that every customer…

Q: how is the trial balance used to discover errors

A: A trial balance is an important accounting technique for ensuring the correctness of financial data…

Q: Which of the following would help prevent a payroll check from being processed for more hours than…

A: Hash Total:Explanation: A hash total is a type of control total used to ensure data integrity by…

Q: What alternative procedures should be applied to accounts that do not return confirmations?

A: Confirmation of accounts receivable:  When the auditor has examined the documents of the clients…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: which is true about vendor files? A. They must be cleaned on a daily basis B. They can be in…

A: A vendor file contain all information about the supplier and vendor from every department. It…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: models available to organisations for outsourcing internal audit Receivable balance

A: When it comes to outsourcing the internal audit of accounts receivable balances, organizations have…

Q: An audit client has engaged a third-party service organization tohost its payroll software package…

A: Given: The engagement of the third-party for hosting the payroll software package.

Q: Discuss the risk of material misstatement in the revenue and collection cycle, with a specific focus…

A:

Q: To gather audit evidence related to accounts receivable, the client should mail the confirmation…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Explain the process of auditing the following transactions/accounts for a Mining. • Accounts…

A: "Process of Auditing" refers to the examination of records / financial information to check their…

Q: For each of the procedures in the table below, indicate the type of procedure being performed…

A: Audit procedures are precise activities, tasks, and methods used by auditors to investigate an…

Q: Describe the difference between keeping a check stub record of checks written versus a check…

A: References: https://www.sofi.com/learn/content/business-checks-vs-personal-checks/…

Q: an account should be referred to a professional collection agency if

A: an account should be referred to a professional collection agency in following case

Q: What functions can be performed by an automated payroll system?

A: In finance automated payroll system is that system which uses payroll software for the purpose of…