What methods are not used by IT auditors to obtain evidence of ITGCs in companies they audit?Question 4 options:Inspecting supporting documentation showing evidence of the performance of controlsPerforming a walk-through of the process to assess the operational effectiveness of the controlsUsing surveys and focus groups to gain information about the efficiency of controlsSampling of changes made to ERP and access into ERP

ITGC stands for Information Technology General Controls. These are controls that apply to all system…

Answered: What methods are not used by IT…

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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A system audit examines the company's quality control procedures.? Question 7 options: True False
Financial audit Q&A What is the process used by auditors in conducting tests of control in testing documents and supporting control files?
Financial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due to the lack of time? What reports that need to be prepared to find out if there are significant changes in the client? What is the parties reported by the auditor that are related to the results of the audit reports made? What terms that must be included in the document prepared by the client? What is the inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments? The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. What is the audit assertion underlying the vouching procedure? What is the audit assertion underlying the tracing procedure? What is the risk that caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population?…
Which activities are performed in a change management audit? a) Assessment of the "design" of the change management controls b) "Operating effectiveness" testing of change approvals c) Assess source code management d) All of the above
Why is the audit team more concerned with controlling the exposure to the risk of overreliancethan with the risk of underreliance?a. Only the risk of overreliance results in an incorrect audit decision.b. The risk of underreliance is not related to the audit team’s study and evaluation of internalcontrol.c. The risk of overreliance can ultimately result in the audit team’s failing to reduce auditrisk to acceptable levels.d. The risk of underreliance can be controlled by performing tests of controls during theinterim period.
In a non public audit (AICPA), auditors might chose to not test controls if Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Design of control is weak/deficient, Controls Risk is High, or High cost of testing I/C b Design of control is strong/effective, Control Risk is low or low cost of testing
A document created by the organization and requested from the organization by an internal auditor would provide what level of reliability? A) High B Medium C Low D) Absolute
The difference between assessing control risk for IT control activities versus assessing control risk for manual control activities is best described as follows: Multiple Choice О in a manual environment it is important for the auditor to gain an understanding of the internal control activity before assessing control risk. О in an IT environment, it is not important to gain an understanding of the internal control activity before assessing control risk. О In an IT environment, it is likely that control risk will be assessed as low on largely all audit engagements. О the assessment process that needs to be undertaken for IT controls is essentially the same as would be taken for manual controls.

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