Identify risks for accounting systems that rely heavily on IT functions.

Q: Explain Audit data analytics in risk assurance

A: Audit analytics is the analytics of audit data  often through the use of technology. It involves…

Q: How does concurrency control contribute to financial data integrity?

A: Concurrency Control:   Concurrency control is a system in the database management system that helps…

Q: Explain how an IT environment affects access control.

A: Information technology plays the pivotal role in the survival and success of any entity in modern…

Q: Identify the main areas of risk which may arise in relation to computer systems

A: Following are the main areas of risk which may arise in relation to computer systems:

Q: how to relate cloud accounting with cost management?

A: Cloud Accounting Cloud Accounting software is similar to traditional, on premises or self installed…

Q: What are some feature of integrated Accounting Software programs?

A: Integrated Accounting Software programs are applications that can perform multiple accounting…

Q: What is a computerized accounting system? Write its advantages and disadvantages?

A: Computerized Accounting System It is a system where accounting Transactions are recorded using a…

Q: Explain how an IT environment affects independent verification.

A: Bookkeeping articulations, particularly in enormous and complex associations, can contain unexpected…

Q: What are the pros and cons of Artificial Intelligence in accounting

A: Accounting is related to the process where the business transaction is measured and processed.…

Q: Why are accountants regarded as system users in the systems development process if they are seen as…

A: The answer:

Q: Explain the connection between business risk and Audit risk model (inherent risk x control risk x…

A: Inherent risk is the risk which is present in the organization before applying any control. Audit…

Q: What are the key control objectives required for a well-designed general ledger and reporting…

A: A well-designed general ledger and reporting information system should have several key control…

Q: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: risk management ideas, common reaction strategies, and IT system recovery issues

A: Some of the important risk management ideas are listed below: Keep an eye on changes in your…

Q: How does a database lockout contribute to financial data integrity?

A: Definition: Database management: Database management refers to the management of databases held…

Q: Graphic Art Sdn Bhd is a printing company specializing in printing brochures and specialist design…

A: The following calculations are done for Graphic Art Sdn Bhd.

Q: Discuss how technology based information systems affect accounting

A: Accounting:-It is a record of financial data in a sorting, summarizing, and in a presentation format…

Q: What are the key control objectives required for a well-designed general ledger and reporting…

A: The objective of this question is to identify the key control objectives that are necessary for a…

Q: What types of unique control problems are created by the use of PC accounting systems?

A: PC accounting systems are usually used by small firms and also sometimes by decentralized large…

Q: If accountants are viewed as providers of information, then why are they consulted as system users…

A: System development process includes designing, developing, testing, and maintaining of systems. In…

Q: describe the use of the results of the accounting process in security analysis.

A: Financial statements provide the basis for equity and credit analysis. However, analysts must make…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: How does accounting participate in the system development life cycle （ SDLC）?

A: System Development Life Cycle: The system development life cycle is a set of series or systematic…

Q: Identify two specific IT-related risks in computerized accounting information systems. Propose a…

A: Computerized accounting includes using the computers and accounting software for recording, storing…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.