Question: Companies are using the power of computing to develop continuous monitoring approaches to identify control problems early and to take corrective action on a timely

Companies are using the power of computing to develop continuous monitoring approaches to identify control problems early and to take corrective action on a timely basis.

a. Explain how the concept of continuous monitoring might be applied in a computerized application that processes sales orders and records sales.

b. Select one of the following Web sites:

● Oversightsystems.com

● ACL.com Explain the types of products that each firm provides and how the products might help an organization implement effective monitoring over computer operations. To what extent are the software products (1) another control to be implemented versus (2) an approach to control monitoring? Explain.

Step by Step Solution

★★★★★

3.41 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a There are numerous ways in which continuous monitoring might be applied in a computerized applicat... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

330-B-A-A-B-R (983).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Explain how the concept of "economic profit" might help explain the rationale for the government's granting of monopolies to those firms that protect their product with a patent.

Explain how ACL could be used to help identify potentially obsolete inventory.

What processes or procedures might an organization use to identify hazards and monitor risk (Participant guide) control procedures?

Companies are using the power of computing to develop continuous monitoring approaches to identify control problems early and to take corrective action on a timely basis. a. Explain how the concept...

companies are using data analytics tools to develop continuous monitoring approaches to identify control problems early and to take corrective action on a timely basis. a. Explain how the concept of...

please read chapter and answer the following questions. All answers must be typed. thank you, will give thumbs up. 1. What kind of structure, controls, and culture would you be likely to find in (a)...

Can someone please assist me (I did my work) to make a better version overall? The image down below has instructions: # Recognizing accounts receivable is relatively straightforward. = Aservice...

Unit 2: Designing the Operations Designing the operations of an organization or your department - precedes operational management. For .ll _ . example, suppose a wallet manufacture's mission is to '...

1-2 pages of five supply chain lessons learned from the Boeing case. Each lesson can be in a short paragraph. Managing New Product Development and Supply Chain Risks: The Boeing 787 Case The 787...

When Remington Arms Company hired credit manager Vicki C. Sharp, unauthorized deductions were a serious problem especially by the big chain stores that demand total adherence to their rules. Through...

An unlevered firm has a cost of equity of 20% and is considering taking debt of Kshs. 200,000 at a cost of 10%. The firms earnings before interest and tax are Kshs. 153,850 and the corporate tax is...

what is the hit and trial error method in finance

How do the definitions of international and domestic terrorism differ?

Determining the amount of inventory that should be written off because of obsolescence is a difficult and challenging audit task because (1) the client will usually state that most of the goods are...

In those audits where a heightened risk of fraud exists related to inventory and cost of goods sold, the auditor will want to consider performing certain fraud-related substantive procedures. List at...

The Auditing in Practice feature "Examples of Fraud in the Physical Observation of Inventory" provides examples of how clients may fraudulently manipulate inventory amounts. List at least five such...

Expected value of one policy? Life insurance companies sell life insurance policies to customers on probabilities of when a person will die. If a particular insurance company sells a 10 year $ 10,000...

Based on the 2 Stage DDM Template and Problem, what is the Current Price Earnings Ratio? b. P/E=24.07 d. (B) P/E=34.10 a. P/E=42.07 C. (D) P/E=36.75 TWO STAGE GROWTH MODEL SENSITIVITY ANALYSIS: Based...

Score: 0 of 1 pt 11 of 11 (10 complete) HW Score: 90.91%, 10 of 11 pts P8-27 (similar to) Question Help Portfolio return and beta Personal Finance Problem Jamie Peters invested $118,000 to set up the...