Describe one manual and one IT control procedure designed to prevent a credit sale being processed without

Question:

Describe one manual and one IT control procedure designed to prevent a credit sale being processed without proper authorization by the credit manager.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jan 09, 2015 09:35 AM

See More Questions

A new aircraft control system is being designed that must be 98% reliable. This system consists of three components in series. If all three of the components are to have the same level of...
Describe briefly an internal control activity that would prevent a paid disbursement voucher from being presented for payment a second time.
Describe the proper procedure for handling and serving champagne.
You are the manager of an organization in America that distributes blood to hospitals in all 50 states and the District of Columbia. Arecent report indicates that nearly 50 Americans contract HIV...
What are some of the uses of cluster analysis in marketing?
Interpret the following Excel output. Discuss the structure of the experimental design and any significant effects. Alpha is .05. ANOVA: Two-Factor WithReplication ANOVA Source of Variation SS df MS...
In Figure P27.62, an external magnetic field is directed out of the page, and six wires are placed, one at a time, in this field. Each wire carries a current in the direction indicated; if there is...
Marin Company is currently producing 16,000 units per month, which is 80% of its production capacity. Variable manufacturing costs are currently $8.00 per unit. Fixed manufacturing costs are $56,000...
The Reading Warehouse distributes hardback books to retail stores and extends credit terms of 2/7, n/30 to all of its customers. During the month of June the following inventory transactions...
In the month of June, New Day Spa served 560 clients at an average price of $120. During the month, fixed costs were $21,024 and variable costs were 60% of sales. Instructions (a) Determine the...
Why might manual control procedures differ from IT control procedures, even if both are directed at the same control objective?
What three conclusions about control risk can be reached based on internal control evaluation? What are the implications of each on the audit approach selected?
Upland Limited borrowed $40,000 on November 1, 2023, by signing a $40,000, three-month, 9% note. Prepare Uplands November 1, 2023 entry; the December 31, 2023 annual adjusting entry; and the February...
A merchandising company has the following inventory information available for May: Number of Units Cost per unit Date Description May 1 Beginning Inventory 50 $20 May 19 Purchases 75 $25 The company...
A company has 380,000 shares outstanding that sell for $89.01 per share. The company plans a 4-for-1 stock split. Assuming no market imperfections or tax effects, what will the stock price be after...
4 Yale students are going on a trip abroad where they will have to live close to each other. At the destination, there is a disease that spreads easily among those who live close to each other. The...
Quantitative Problem: You are given the following information for Wine and Cork Enterprises (WCE): rRF = 4%; rM = 7%; RPM = 3%, and beta = 1.3 - What is WCE's required rate of return? Do not round...
Fresh Air Inc., has a beginning accounts payable balance of $540 in February. Credit purchase for February through May are $300, $330, $410 and $430, respectively. The accounts payable period is 60...
Integrity may be a core component of authentic leadership; however, leaders must also be pragmatic. Few issues in business are ethically black or white. Do you agree or disagree? Justify your answer.
Pearson Education, a publisher of college textbooks, would like to know if students prefer traditional textbooks or digital textbooks. A random sample of students was asked their preference and the...
Two identical cars traveling at $20 \mathrm{~m} / \mathrm{s}$ both slow to a stop. The driver of car A applies the brakes hard, so that the car comes to a stop in $3.0 \mathrm{~s}$, while the...
Can sampling risk be avoided? Explain.
Can non-sampling risk be avoided? Explain.
Are auditors more likely to be sued successfully for sampling risk or for non-sampling risk?
Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. COGM...
Syarikat Jaya uses normal costing for its costing system whereby the calculation of predetermined overhead rate based on direct labours costs. On 1st December 2022, the general ledger consists of the...
Ron owns 6 % of USAco, a U . S . corporation. Ron is a nonresident alien. USAco pays Ron a $ 1 , 2 0 0 dividend during the current year. Ron also purchases an unassignable bond issued by USAco, and...

Describe one manual and one IT control procedure designed to prevent a credit sale being processed without

Question:

Step by Step Answer:

In a manual system credit approval can be indicated by the credit manager signing a sourc...View the full answer

Auditing An International Approach

Students also viewed these Auditing questions