Your client has outsourced the majority of the accounting information system to a third-party data center. What

Question:

Your client has outsourced the majority of the accounting information system to a third-party data center. What impact would that have on your audit of the financial statements?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books

Question Posted: Oct 10, 2012 07:28 AM

See More Questions

The majority of forensic accounting practice involves the valuation of some type of damages or value of a business. Economic damages are a salient service provided by forensic accountants. Lost...
What options are open to a third party who has been dealing with an undisclosed principal if the contract is breached? Does an undisclosed principal have the right to ratify an agents unauthorized...
List the three parts of the accounting information system and briefly describe each.
Researchers Dumas and Dunbar wanted to see whether stereotypes related to creativity can influence a subjects creativity. The 96 subjects were randomly placed into three groups of 32 each. One group...
Compute the following matrix products. (a) (b) (c) (d) (e) 1-1 21 2 31 2 04 19 7 -10 2 320 I1-1 31 311 2 1 5211-5 3 9 5 a007a, 0 0
Explain how a grocer like Sobeys might be able to use data from its loyalty card program to improve its cash flows from operating activities.
A square loop of wire of side length $a$ and resistance $R$ lies a distance $x$ to the right of a long, straight wire that carries a current $I$. The straight wire lies in the plane defined...
The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditors will select accounts at random from the following 1000 accounts (numbers in the table are the...
1. How the singly linked lists can be represented? 2. How the doubly linked list can be represented? 3. What are benefits of ADT? 4. When singly linked list can be represented as circular linked...
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
An audit client is in the process of creating an online Web-based sales ordering system for customers to purchase products using personal credit cards for payment. Identify three risks related to an...
Multiple Choice Questions The following questions concern the characteristics of IT systems. Choose the best response. a. Effective management of information technologies in an organization embraces...
Alicia, Inc., has a $1,000 face value convertible bond issue that is currently selling in the market for $950. Each bond is exchangeable at any time for 25 shares of the companys stock. The...
K Divide the fractions. 2 10 21*35
Settings for Bills and Expenses include: Multiple Choice Show items table on expense and purchase forms. Track expenses and items by customer. Track billable expenses and items as income. All of the...
Consider the terminable interest rules and whether the following qualifies for a marital deduction. Decedent sold property to Decedent's child for $150,000, but retained possession for a term of 10...
Windsor Corporation was experiencing a good year in terms of sales volume and profitability of its popular electronic tablets. Each one sold for $300, with per unit product costs shown below....
Hollerith machines were used in all of the following Nazi steps towards the final solution except... Hollerith machines were used in all of the following Nazi steps towards the final solution...
What are the major informational problems in loan contracts?
The purpose of this case is to come up with a contingency plan[s] in order to sustain the program Move With Me, a program that serves thousands of community members throughout Lower Manhattan. The...
Draw up a table listing the advantages and disadvantages of e-mail marketing compared with more traditional approaches to direct marketing. In what kind of situations do you think e-mail marketing...
This case has two parts: Part I focuses on controls in the control environment and monitoring components (Chapter 8) Part II focuses on controls in the control activities of a sales process (Chapter...
While the Internet of Things (IoT) brings many benefits to organizations, it can expose them to several technological risks. Provide two examples of such risks and what type of controls can address...
At the control environment level, what should organizations do to address cyber risk?
What strategies might you use to implement the personal change needed to support organizational change? What is the relevance of unity consciousness in organizational leadership, communications, and...
Recognizing the literature (and its limitations) for conveying policing organization, management, and change - what management/organizational changes are needed in policing today? Why? How do we set...
How do organizations effectively navigate the complexities of organizational change, integrating advanced change management methodologies to mitigate resistance and foster sustainable transformation?

Your client has outsourced the majority of the accounting information system to a third-party data center. What

Question:

Step by Step Answer:

The fact that your client has outsourced the majority of its accounting information system ...View the full answer

Auditing and Assurance services an integrated approach

Students also viewed these Auditing questions