The technology summary states that there are two different types of process controls that are automated controls and manual controls. Ability, training, and diligence of the data entry person determine the efficiency of the manual control. The data entry person should know the approval that is valid and document that is not properly approved. The person should compare the input data with the master data to correct the errors in the input data. In automated controls, all the controls of the firms will be performed by the computer system. Digital signatures, electronic approvals, programmed edit checks, and comparing input data with the master data are included in the automated controls. To describe: The impact that pervasive and general controls have on the effectiveness of controls. Introduction: Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 6P

Summary Introduction

Case summary:

The technology summary states that there are two different types of process controls that are automated controls and manual controls. Ability, training, and diligence of the data entry person determine the efficiency of the manual control. The data entry person should know the approval that is valid and document that is not properly approved. The person should compare the input data with the master data to correct the errors in the input data.

In automated controls, all the controls of the firms will be performed by the computer system. Digital signatures, electronic approvals, programmed edit checks, and comparing input data with the master data are included in the automated controls.

To describe: The impact that pervasive and general controls have on the effectiveness of controls.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Banking and finance sector ma job kaise paye

1. Bond X is worth $91 today. The bond will mature in one year and pay $100 or $84 with probabilities 0.75 and 0.25, respectively. Assuming the bond pays no cash flows during the year, which of the following is closest to the expected return on the bond? 5% 0% 0% 5% 0% 2. At the beginning of the year, a mutual fund has a NAV of $20. At the end of the year, the NAV is $21 and the fund has received no dividends or other distributions throughout the year. The return on the fund’s benchmark over the same period of time was 10%. Suppose the fund incurred expenses of $2 per fund share during the year. What was the return on the fund’s underlying portfolio before any expenses that affected NAV? Did this before-expense return beat the fund’s benchmark? 15%; Yes, the fund’s underlying portfolio beat its benchmark 15%; No, the fund’s underlying portfolio beat its benchmark 0%; No, the fund’s underlying portfolio beat its benchmark 20%; Yes, the fund’s underlying portfolio beat its benchmark…

1. Which of the following assets is most likely to trade over the counter but still have high liquidity? a. A short-term Treasury bond b. A long-term corporate bond c. A short-term corporate bond d. A large-cap stock e. A small-cap stock 2. Assume you purchased 600 shares of XYZ common stock on margin at $35 per share from your broker. If the initial margin is 60%, the amount you borrowed from the broker is closest to _________. a. $8,500 b. $21,000 c. $29,500 d. $12,500 e. $16,000 3. You invest $1,550 in security A with a beta of 1.4 and $1,350 in security B with a beta of 0.4. The beta of this portfolio is closest to _____________ . a. 0.95 b. 0.90 c. 1.35 d. 1.05 e. 1.15 4. Which of the following orders is most likely to increase the difference between the highest bid price and the lowest ask price? a. A large market order b. A large limit order c. A small limit order d. A small market order e. There will be no major difference between these 5. Bond X is worth $91 today.…