Question: Why does an auditor need to understand a client's IT system? Explain how IT affects the financial statement

Why does an auditor need to understand a client's IT system? Explain how IT affects the financial statement

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

PLEASE ANSWER ME THE QUES 7 AND 8 , THANKS VERY MUCH. NEEDING DETAILED INFORMATION. \freport high account receivable or low current liabilities segregation of duties,double checks, recheck the...

Q:

Section 1: Client Acceptance BACKGROUND Ocean Manufacturing, Inc. manufactures small-to medium-sized home appliances. The company's products include items like toasters, blenders, and trash...

Q:

a. Which of the AICPAs Statements on Auditing Standards (SAS) provides guidance relating to the acceptance of client relationships and audit engagements? b . Per the SAS identified above, list four...

Q:

Based on the qualitative and quantitative information gathered, prepare aone to twopagememo to theaudit partnerwith your recommendation as to whether BarnesandFisher should or should not accept Ocean...

Q:

For this discussion you are a member of the internal audit team . Your company, Ocean Manufacturing, is a medium-sized manufacturer of small home appliances. The partners hope to make an initial...

Q:

The accounting firm of Barnes and Fischer, LLP, is a medium-sized, national CPA firm. The partnership, formed in 1954, now has over 6000 professionals on the payroll. The firm mainly provides...

Q:

The accounting firm of Barnes and Fischer, LLP, is a medium-sized, national CPA firm. The partnership, formed in 1954, now has over 6,000 professionals on the payroll. The firm mainly provides...

Q:

Please see attached document regarding audit case study. ACCT 4304 Audit Case Home Trends, Inc. The New Client Acceptance Decision INTRODUCTION The accounting firm of Gibbs and Slater, LLP, is a...

Q:

MULTIPLE CHOICE QUESTIONS 1. Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. An audit benefits to public. b. Auditors act on...

Q:

10 points QUESTION 2 1.Which of the following factors will influence the auditor the greatest into taking a substantive audit approach as part of a financial statement audit? The company implemented...

Q:

Most transactions take place between two independent entities. How you record a particular transaction depends on whose perspective you take. For each of the following transactions, explain how it...

Q:

Three years ago, when the CPI was at 102.6, the members of a union were earning $22.25 per hour. Now, with the current CPI at 108.4, they are negotiating for a new hourly rate that will restore their...

Q:

how to work out the discount factor in dicounted payback period

Q:

Write a meeting minute that contains two agendas, two decisions and two discussions.

Q:

1. Diplomatic relations between the United States and the Soviet Union would be severed in 1993 than that

Q:

1. To provide knowledge about various influencing techniques in communication situations.

Q:

1. Information that is currently accessible (recognition).