Question: Assume that you are going to test computerized controls that
Assume that you are going to test computerized controls that your client has put in place. Consider the concept related to program changes. What is the important concept for you to consider when doing that testing? What are some possible tests of controls that you could perform? What are the audit implications if the controls are not working effectively?
Answer to relevant QuestionsAssume that you are planning to test a client's reconciliation. You could test by either inspecting documentation of the reconciliation or by reperforming the reconciliation. What factors would cause you to choose ...Audits of financial statements are designed determine whether account balances are materially correct. Assume that your client is a construction company that has the following assets on its balance sheet:● Construction ...In March 2006, General Motors (GM) announced that it needed to restate its prior year's financial statements.Excerpts from the Wall Street Journal describing the restatements include the following:● GM, which already faces ...What controls might an auditor test related to the valuation assertion for the sales account?Refer to Exhibit. Describe how the appropriateness and sufficiency of evidence for a specific account is influenced by the risk of material misstatement associated with that account. Contrast how appropriateness and ...
Post your question