QuestionsExplain how client internal controls can be improved through the proper installation of IT.Identify risks for accounting systems that rely heavily on IT functions.Define what is meant by an audit trail and explain how it can be affected by the client’s integration of IT.Distinguish between random error resulting from manual processing and systematic error resulting from IT processing and give an example of each category of error.Identify the traditionally segregated duties in noncomplex IT systems and explain how increases in the complexity of the IT function affect that separation.Distinguish between general controls and application controls and give two examples of each.Identify the typical duties within an IT function and describe how those duties should be segregated among IT personnel.Explain how the effectiveness of general controls affects the auditor’s tests of automated application controls, including the auditor’s ability to rely on tests done in prior audits Questions1 Explain how client internal controls can be improved through the properinstallation of IT.2 Identify risks for accounting systems that rely heavily on IT functions.Define what is meant by an audit trail and explain how it can be affected bythe client's integration of IT.43Distinguish between random error resulting from manual processing andsystematic error resulting from IT processing and give an example of eachcategory of error.5 Identify the traditionally segregated duties in noncomplex IT systems andexplain how increases in the complexity of the IT function affect thatseparation.6 Distinguish between general controls and application controls and give twoexamples of each.7 Identify the typical duties within an IT function and describe how those dutiesshould be segregated among IT personnel.Explain how the effectiveness of general controls affects the auditor's tests ofautomated application controls, including the auditor's ability to rely on testsdone in prior audits

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Explain how client internal controls can be improved through the proper installation of IT.
Identify risks for accounting systems that rely heavily on IT functions.
Define what is meant by an audit trail and explain how it can be affected by the client’s integration of IT.
Distinguish between random error resulting from manual processing and systematic error resulting from IT processing and give an example of each category of error.
Identify the traditionally segregated duties in noncomplex IT systems and explain how increases in the complexity of the IT function affect that separation.
Distinguish between general controls and application controls and give two examples of each.
Identify the typical duties within an IT function and describe how those duties should be segregated among IT personnel.
Explain how the effectiveness of general controls affects the auditor’s tests of automated application controls, including the auditor’s ability to rely on tests done in prior audits

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