Which of the following is NOT true of a turn- around document? a. They may reduce the number of errors made by external parties. b. They are commonly used by utility companies (gas, power, water). c. They are documents used by internal parties only. d. They are both input and output documents.

Q: What is data inconsistency? occurs when a system produces correct and consistent data the practice…

A: Solution- Data inconsistency is a situation where there are multiple tables within a database that…

Q: Which of the following is not a factor involved in communicating useful information?

A: the correct answer is: (A) Process by which the information is analysed. Process by which the…

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A: When a larger company uses multiple reports and models/templates for review and reporting data,…

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: Using accounting software is better than preparing reports manually because it is O A. less…

A: For the purpose of keeping and maintaining accounting records, two type of systems will be followed.…

Q: Which of the following are correct regarding why management uses internal controls? (Check all that…

A: The objective of this question is to identify the correct reasons why management uses internal…

Q: Explain the difference between an attribute and an exceptioncondition. State the exception condition…

A: Introduction: Auditing: The process through which the financial information reported in the…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: Transaction controls are designed to ensure that transactions are properly valued. True False

A: Transaction controls are designed to ensure the accuracy, reliability, and integrity of…

Q: Examples of segregation of duties include reporting, reviewing and approving reconciliations, and…

A: Segregation of duties is assigning the particular duties to each person, to avoid a single person…

Q: 8. ______________ is a professional service with an aim of improving the quality and transparency of…

A: Solution: Assurance  is a professional service with an aim of improving the quality and transparency…

Q: Should the FASB have overturned the software revenue recognition portion within ASC 985-605? As part…

A: Financial accounting standards board (FASB): This is the organization that creates, develops, and…

Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…

A: a) Segregation of duties refers to the delegation of various duties to different employees to…

Q: 1. Data under a traditional ledger system is authenticated by a central authority while data under a…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: Which of the following principles of internal control relates to having prenumbered documents? O…

A: The correct answer is "Documentation procedures." This principle of internal control relates to…

Q: Audit working papers are the property of the auditors, who may distort the papers, sell them, or…

A: An auditor is a person authorized to review and verify the accuracy of financial records and ensure…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: Explain the normal process an auditor would expect to find in the client's systems. governing…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: 1. All of the following is an advantage of a computerized accounting system when compared to a…

A: Computerized Accounting Systems are software installed in the computer to analyze the daily basis…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: how would management know if the calculations were entered incorrectly in any kind of reporting?

A: Accounting errors are inadvertent errors in accounting entries. When an error or mistake is…

Q: Which of the following items is an example of an inherent limitation in an intrnal control system?…

A: Internal control defined as the process designed,implemented and maintained by management,those…

Q: Do you agree with the statement “The term IT auditor should be considered obsolete because implies a…

A: I disagree with the statement, “The term IT auditor should be considered obsolete because it implies…

Q: Some of the limitations of management accounting are listed below: - Based on historical data - Lack…

A: Management Accounting involves effective analysis of accounting and production data and preparation…

Q: What is the term used for information that should be collected from a source which can be verified,…

A: Bank accounts, management accounts, payrolls, bank statements, invoices, and receipts are some…

Q: do deficiencies in internal control not always lead to material misstatement when recording…

A: internal controls rules and procedures that are implemented in order to ensure the integrity and…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: B . Assymetric information

Q: Discuss the implications of not having a data governance framework to support product analytics

A: Data governance is referred as the process of the management of the usability, integrity,…