Is the following a potential control weakness? Most data input in Marco Inc. is backed up by paper trails of source documents and other business papers. In addition, the firm uses an Internet service to back up all files on the Internet. Marco manually runs a backup at the end of each day. They have no other Internet presence other than an informational Website that does not allow potential customers to order merchandise. Briefly explain the potential mistatement and recommended correction.
Is the following a potential control weakness? Most data input in Marco Inc. is backed up by paper trails of source documents and other business papers. In addition, the firm uses an Internet service to back up all files on the Internet. Marco manually runs a backup at the end of each day. They have no other Internet presence other than an informational Website that does not allow potential customers to order merchandise. Briefly explain the potential mistatement and recommended correction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Is the following a potential control weakness?
Most data input in Marco Inc. is backed up by paper trails of source documents and other business papers. In addition, the firm uses an Internet service to back up all files on the Internet. Marco manually runs a backup at the end of each day. They have no other Internet presence other than an informational Website that does not allow potential customers to order merchandise.
Briefly explain the potential mistatement and recommended correction.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education