Discussion 1-1

1. Explain how client internal controls can be improved through the proper installation of IT. 2. Distinguish between random error resulting from manual processing and systematic error resulting from IT processing and give an example of each category of error. 3. Explain what is meant by auditing around the computer, and describe what must be present for this approach to be effective in the audit of a client that uses IT to process accounting information. 4. 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 online sales system that management should consider. For each risk, identify an internal control that could be implemented to reduce that risk. 00000000000

research data analytics in accounting information systems or emerging technologies in the accounting industry. Your presentation should focus on the impact of the selected topic on accounting information systems, internal controls, and benefits and challenges associated with its implementation.   As a PowerPoint presentation with voiceover. The presentation should be 6-8 slides, not including the title page and the reference page. Speaker Notes should be submitted as a Word Document. On the Word document, include a header for each slide followed by your notes. Use this guide, APA7 Visual Presentations - CSU Global LibraryLinks to an external site., to record your voiceover for your presentation. You can also use Zoom to record your voiceover. Your presentation should include the following headers: Introduction – brief overview of the topic and its relevance to accounting information systems and/or emerging technologies Impact on Accounting Information Systems – how this topic…

Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Cyber sleuths need the following skills: a. Ability to do complex programming so they can develop their own software to examine corporate data and records. b. Ability to follow a trail, think analytically, and be thorough. c. Ability to use their computer engineering experience to evaluate the hardware used by the company d. Ability to think like a fraud perpetrator and use hacking tools and techniques. e. Ability to use their legal training to properly prepare the evidence needed to prosecute perpetrators

Which of the following is an example of an input control? a.making sure report that are distributed to the proper people b.monitoring the work of data entry clerks. c. Collecting accurate statistics of historical transactions while gathering data. d. Performing a check-digit test on a customer acount number  e.Having anothr person review the design of a business form

Which of the following controls would most effectively minimize the need to correct failures to collect required information in the account opening process? A quality review staff that checks paper applications to ensure all fields are complete An automated account opening platform that required data entry prior to allowing the accoun to be opened Requiring that a manager review and apprive all new account applications Documenting a procedure that sets forth the steps required to open an account

Match each word or phrase with the best description of it.     Descriptions   Words / Phrases related tocomputerized accounting systems a.   Allows multiple users to access the system at the same time.                                                              Audit trailInternal controlNetwork-compatibleEnterprise resource planning systemsEntry-level software b.   Enables the tracking of all transactions.                                                              Audit trailEnterprise resource planning systemsEntry-level softwareNetwork-compatibleInternal control c.   Identifies suspicious transactions or likely mistakes such as wrong account numbers or duplicate transactions.                                                              Audit trailInternal controlEntry-level softwareEnterprise resource planning systemsNetwork-compatible d.   Large-scale computer systems that integrate all aspects of the organization including accounting, sales, human resource…

CPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data. c. In auditing through the computer, CPAs may use test data. (1) What are test data? (2) Why do CPAs use test data?

Explain all the five steps involved in the information system based audits in your own words. How would an auditor verify the source documents while auditing accounting information systems where business is conducted fully online?

CPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data. a. Describe the auditing approach referred to as “auditing around the computer."

CPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data. d. How can the CPAs be satisfied that the computer programs presented to them for testing are actually those used by the client for processing accounting data?

Computer-assisted audit techniques (CAATs) are becoming more popular in recent years. Select two CAATs and explain how they are useful in auditing. Suggest a method that someone with fraudulent intentions could use to work around the CAAT for personal gains. Be sure to respond to at least one of your classmates' posts.

Auditors are required to document their understanding of internal control. Procedure’s manuals, organization charts, internal control questionnaires, and flowcharts are reviewed during this documentation process. Consider each of these information sources and decide which you believe provides the best detailed information to help create the required documentation. Defend your choice with examples.

1. Computer Assisted Audit Techniques (CAATs) are important tools than an IS auditor uses to gather and analyze data during an IS audit. One type of tool is the Generalized Audit Software (GAS). In your own words, how does CAATs affect the work of an IS auditor? What are the benefits of using CAATs in conducting an Audit?   2. Every organization has controls in place. Such controls must be effective. They are effective if they prevent, detect, or contain incidents and enable recovery from events that cause risks. Enumerate those three types of control and explain how these controls effectively address those events that cause risks

To complete an audit of accounting information system effectively, auditor will need to have some knowledge of computers and their accounting applications, but not necessarily every auditor needs to be a computer expert. Explain to which extent auditors of accounting information systems should possess computer expertise to be effective auditors.

Explain the normal process an auditor would expect to find in the client's systems. governing changes to computer programs. Why is an auditor concerned about program changes?

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

You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the management of your client is concerned that the audit tests that you perform will disrupt operations. Your client has recently implemented a data warehouse and the management suggests that you draw the data for analytical reviews and substantive testing from the data warehouse instead of the operational database. The management points out that operational data are copied weekly into the data warehouse and all data you need are contained there. Q. Outline your response to the management’s proposal and mention any concerns you might have.

Explain the benefits of using audit engagement management software.

Describe the differences between auditing around the computer and auditing through the computer? Which one is more effective in a computerized accounting information system? Why?