What is database conversion? Why is it risky activity, and what precautions should be taken?

Q: What does the term is Audit risk mean?

A: Audit: It refers to the examination, analysis, evaluation, or review of the company's financial…

Q: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: What is fraud?

A: Misstatement risk: It implies to a risk that the financial statements of the company are…

Q: Why can the formal announcement of a new system technique be crucial?

A: The announcement in Form: A formal announcement in the context of a new system method informs…

Q: s data independence? why is it important in a comparison of the application and centralised database…

A:

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: What is management fraud?

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: How does a lockbox system operates and why a firm might consider implementing such a system?

A: A lockbox system is critical for cash handling. It assists in the collecting of cash from various…

Q: What is the importance of using an isolated environment to perform penetration testing? What are the…

A: Will be explain:

Q: What recommendations will you give to prevent fraud?

A: Fraud is an unethical activity performed against an organization's policy in order to take personal…

Q: What are the basic risk faced by financiwl intermediaries?

A: When two parties are transacting together and one person or entity is making the transaction easier…

Q: What are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: What are the possible reasons for keeping incomplete records?

A: Incomplete records:   It refers to a situation where an organization does not use double entry book…

Q: What are the computer ethical issues regarding privacy?

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: How can a poorly designed database result in unintentional loss of critical records?

A:

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: Give correct typing answer with explanation and conclusion  Are the additional costs of implementing…

A: The implementation of internal controls can provide several benefits to an organization, such as…

Q: In the absence of protocols, networks would be unusable. Describe the significance of these…

A: Answer: Concept: Network can be defined as the connection of devices sharing data provided under…

Q: How does public key encryption work?

A:

Q: What very important precautions must be taken during the data conversion procedures?

A:

Q: How does a lockbox system operates and why a firm might consider implementing such a system?

A: A lockbox system is an important tool for cash management. It helps in the collection of the cash…

Q: are computer programs intellectual property? true or false

A: Intellectual property rights: This is referred to to the general term for the assignment of property…

Q: When can an audit of IT be performed without directly interacting with the system?

A: Auditing:   It is a systematic verification of the books of accounts of an organisation by an…

Q: Audit tests and fraud?

A: For any company auditor is appointed to give an opinion on the financial statements, whether they…

Q: hy is fraud prevention so important?

A: Fraud in auditing refers to the illegal manipulation or wrong altered information reported in the…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

Q: What controls would you implement to

A: Internal Control system: Internal control system can be defined as the set of policies and…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Why are external documents considered more reliable evidence than internal documents? What aspects…

A: External evidence is seen as more credible than internal evidence since it has passed through the…

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: Networks would be inoperable without protocols. Explain their importance and what functions they…

A: Protocol:   Protocols are the rules and instruction which are formed and followed to send or receive…

Q: Explain why auditing is important in lowering the risk associated with information.

A: Introduction: Auditing is the practice of reviewing a company's internal controls to determine its…

Q: What is information risk when it pertains to auditing?

A: Audit involves risk that the auditor expresses an inappropriate audit opinion when the financial…