Which of the following controls would most effectively minimize the need to correct failures to collect required information in the account opening process? A quality review staff that checks paper applications to ensure all fields are complete An automated account opening platform that required data entry prior to allowing the accoun to be opened Requiring that a manager review and apprive all new account applications Documenting a procedure that sets forth the steps required to open an account

Q: In reviewing the process procedures and internal controls of one of your audit clients, Steeplechase…

A: Internal controls means the control related to internal functions of the system and its procedures.

Q: The IT Audit Director is responsible for monitoring and approving network-related changes to the…

A: An IT Audit Director is a senior-level professional responsible for overseeing and managing the IT…

Q: When an auditor tests the internal controls of a computerized accounting system, which of the…

A: Internal controls are the procedures that are implemented for controlling the fraudulent activities…

Q: Which internal control principle prescribes the use of pre- numbered printed checks? Multiple Choice…

A: Internal control are rules and policies followed by a business to protect its assets and prevent…

Q: From an IT audit perspective, Business Continuity Plan (BCP) completeness reflects the current state…

A: Evaluating a Business Continuity Plan's (BCP) completeness is a crucial component of an IT audit.…

Q: You are developing the policies and procedures in relation to credit sales. What processes would you…

A: Payments for credit sales are made several days or weeks after a product is delivered. In contrast…

Q: All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one of the…

A: True, All the supporting documents such as PO, vendor's invoice are attached to the voucher" is one…

Q: Internal controls do each of the following except: A. Evaluate performance of employees B.…

A: Internal control is a system designed by the organisation for Accounting and auditing purposes which…

Q: legal and regulatory requirements regarding data privacy  () adherence to organization policies and…

A: A compliance audit can be defined as the comprehensive and detailed review of an organization's…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: or the sake of adequate audit trail, sale staff can accept order from a client through instant…

A: Audit trail is very important in audit it checks the record by checking and verifying the…

Q: How audit programs that need to be made to detect vulnerabilities in the firewall?

A: Auditing for security is very important and requires frequent and strict auditing that covers…

Q: Indicate the primary audit objective for the following audit procedure: Determine whether sales…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: What category of control procedures best describes a reconciliation account, such as Accounts…

A: Internal Controls:   It refers to a process for ensuring the business is conducted in an effective…

Q: The following is a purpose of business process documentation: 1. Facilitating process improvem False…

A: Business Process Documentation -The process of providing thorough, step-by-step instructions on how…

Q: Which of the following is not a major reason for maintaining an audit trail for a computer system?…

A: An audit trail in a computer system is a record of all activities that have been undertaken and…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: Identify Computer Control Weaknesses. Ajax Inc., an audit client, recently installed anew accounting…

A: a.

Q: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: The following is a list of six control plans (A-F). Please match the contr each of the control goals…

A: Control Goals and system deficiencies Matching control plans 1) E)Turn Around Document 2) C)…

Q: Your client has outsourced the majority of the accounting information system to a third-party data…

A: The fact that your client has outsourced the majority of its accounting information system to a 3rd…

Q: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing Around the Computer: It is an auditing approach that is used to test or check the…

Q: The following is a list of six control plans.These are followed by a list of five system failures…

A: The control plan that would best prevent the system failure at Samuel Company is 'Compare input data…

Q: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…