Question: Discuss how generalized audit software can be used to aid
Discuss how generalized audit software can be used to aid the auditors in examining accounts receivable in a fully IT-based system.
Answer to relevant QuestionsAn integrated test facility (ITF) is a method used by both internal and external auditors for testing IT-based system controls. Discuss the advantages and disadvantages of implementing an ITF.CPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data.a. Describe the auditing approach referred to as “auditing around the computer.”b. ...Compare the responsibilities and objectives of the data control group in an information systems department to those of the internal auditors with respect to IT processing activities.Explain briefly the term systematic selection as used in auditing and indicate the precautions to be taken if a random sample is to be obtained. Is systematic selection applicable to unnumbered documents? Explain.An auditor has reason to suspect that fraud has occurred through forgery of the treasurer’s signature on company checks. The population under consideration consists of 3,000 checks. Can discovery sampling rule out the ...
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