How does separation of the record keeping function from custody of assets contribute to internal control?
Answer to relevant QuestionsDescribe what is meant by the risk assessment component of internal control and how it contributes to internal control. “All experienced auditors would design exactly the same audit program for a particular audit engagement.” Do you agree? Explain.Define and give the purpose of each of the following controls:a. Record countsb. Limit testc. Validity testd. Hash totalsDiscuss how generalized audit software can be used to aid the auditors in examining accounts receivable in a fully IT-based system.Lee Wong, CPA, is auditing the financial statements of the Alexandria Corporation, which has a batch-processing IT-based system for shipping and invoicing that it purchased from a software vendor. The following comments have ...
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