From an internal control perspective, discuss the advantages and disadvantages of using IT-based accounting systems.
Answer to relevant QuestionsPing and Pong are assigned to perform the audit of Paddle Company. During the audit, it was discovered that the amount of sales reported on Paddle’s income statement was understated because one week’s sales transactions ...Distinguish between auditing through the computer and auditing with the computer. When are auditors required to audit through the computer as opposed to auditing around the computer? How is it possible that a review of computer logs can be used to test for both internal access controls and external access controls? Other than reviewing the computer logs, identify and describe two types of audit ...Why is it important to establish and monitor credit limits for customers? Use the process maps in this chapter to answer the following questions:a. What would a credit manager do if a sales order received caused a customer to exceed its credit limit?b. What happens after the shipping department ...
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