Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks. To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

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Answer 1

Question

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

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Describe the steps that auditors use to test controls over sales and collections. Please provide references if any.

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Explain the link between application controls and the audit goals for transaction-related audits.

Answer 2

Question

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

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Answer 3

Question

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

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Answer 4

Question

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

Answer 6

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

Answer 7

Chapter 11, Problem 11.7RQ

To determine

Concept Introduction:

Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. The purchasing process is a part of internal control that allowed the audit to perform as per the guidelines of purchasing. The audit follows the rule of the purchasing process and ensures that all transaction recorded accordingly. The purchasing process included the guidelines of duties, delivery time, and prices to avoid the risks.

To identify: the test of controls that could be performed using computer-assisted audit technique for purchase transaction

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 11 - Prob. 11.1RQ Ch. 11 - Prob. 11.2RQ Ch. 11 - Prob. 11.3RQ Ch. 11 - Prob. 11.4RQ Ch. 11 - Prob. 11.5RQ Ch. 11 - Prob. 11.6RQ Ch. 11 - Prob. 11.7RQ Ch. 11 - Prob. 11.8RQ Ch. 11 - Prob. 11.9RQ Ch. 11 - Prob. 11.10RQ

Solution Summary: The author explains that internal control is a procedure designed to ensure whether the company's financial or operational process is done according to company regulations/policies.

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Chapter 11 Solutions