List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

Question

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Answer 1

Question

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

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Answer 2

Question

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

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Answer 3

Question

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

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Answer 4

Question

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

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Answer 5

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

Answer 6

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

Answer 7

Chapter 12, Problem 30DQP

a.

To determine

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

Answer 8

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

Answer 9

b.

To determine

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

Answer 10

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

Answer 11

c.

To determine

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

Answer 12

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

Answer 13

d.

To determine

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 12 - Prob. 1RQ Ch. 12 - Prob. 2RQ Ch. 12 - Prob. 3RQ Ch. 12 - Describe how the nature of evidence used to...Ch. 12 - Prob. 5RQ Ch. 12 - Prob. 6RQ Ch. 12 - Prob. 7RQ Ch. 12 - Prob. 8RQ Ch. 12 - Prob. 9RQ Ch. 12 - Prob. 10RQ

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

List and explain the deficiencies in Company W’s online system that may lead to material misstatements in the financial statements.

List the changes in manual procedures that could be made to minimize the risks, without having to reprogram the current online system.

Explain the transaction related and balance related audit objectives that would the auditors be most concerned about based on the process currently in place.

Discuss the ways through which the auditor is able to address the concerns which is identified in part c with the help of generalized audit software.

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Chapter 12 Solutions