Question

You are auditing for the first time the financial statements of Central Savings and Loan Association for the year ending December 31, 20X3. The CPA firm that audited the association’s financial statements for the prior year issued an unqualified audit report.
The association uses an online real-time IT-based system. Each teller in the association’s main office and seven branch offices has an online terminal. Customers’ mortgage payments and savings account deposits and withdrawals are recorded in the accounts by the computer from data input by the teller at the time of the transaction. The teller keys the proper account by account number and enters the information in the terminal to record the transaction. The IT facility is housed at the main office.
You would expect the association to have certain controls in effect because an online real-time IT-based system is used. List the controls that should be in effect solely because this type of system is used, classifying them as:
a. Those controls pertaining to input of information.
b. All other types of IT controls.



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  • CreatedOctober 25, 2014
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