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Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity."

Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity."

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Performance Task #1. Introduction to PSA 401 Instructions: Provide for the requirements given to you below. Output must be placed in a Microsoft Word following the formats specified. Your answers must be in paragraphs and must contain first person point of view. God bless! 1. Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity." 2. Explain why the auditor should have sufficient knowledge of the CIS to plan, direct, supervise and review the work performed. 3. Differentiate the process of planning the audit in a manual system and a computerized system. 4. Identify the risks of using a computerized system in the process of audit. 5. Explain the sentence "The auditor's specific audit objectives do not change whether accounting data is processed manually or by computer. However, the methods of applying audit procedures to gather evidence may be influenced by the methods of computer processing. *Answers should be in a paragraph form and use first person point of view.
Transcribed Image Text:Performance Task #1. Introduction to PSA 401 Instructions: Provide for the requirements given to you below. Output must be placed in a Microsoft Word following the formats specified. Your answers must be in paragraphs and must contain first person point of view. God bless! 1. Explain the sentence "The overall objective and scope of an audit does not change in a CIS environment. However, the use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity." 2. Explain why the auditor should have sufficient knowledge of the CIS to plan, direct, supervise and review the work performed. 3. Differentiate the process of planning the audit in a manual system and a computerized system. 4. Identify the risks of using a computerized system in the process of audit. 5. Explain the sentence "The auditor's specific audit objectives do not change whether accounting data is processed manually or by computer. However, the methods of applying audit procedures to gather evidence may be influenced by the methods of computer processing. *Answers should be in a paragraph form and use first person point of view.
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