List the weakness in the internal control and explain one or more ways to address each.

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Answer 1

Question

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

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You are employed by an external audit firm that is hired by JBltd, a privately owned incorporated business. Accounting records are maintained on a computer using proprietary software. You have worked on the audit for three years and this year you are in charge of the audit. Your assistant is a newly recruited business graduate who has done an accounting course but has no practical experience. Because of the small size of the company there is limited opportunity for segregation of duties. You decide, as in previous years, that the appropriate audit strategy is to obtain evidence primarily through the performance of substantive procedures. You also plan to perform the audit around the computer as the proprietary software is known to be reliable and details of all transactions and balances can be readily printed out. On arriving at the company's premises in December 2019 to perform the final audit on the 31 October 2019 financial statements, you obtain a copy of the year end bank…

Answer 2

Question

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

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Check out a sample textbook solution

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Answer 3

Question

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

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Answer 4

Question

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

Expert Solution & Answer

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Answer 5

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

Answer 6

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

Answer 7

Chapter H, Problem 50EP

a.

To determine

List the weakness in the internal control and explain one or more ways to address each.

Answer 8

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

Answer 9

b.

To determine

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. H - Prob. 1RC Ch. H - Prob. 2RC Ch. H - Prob. 3RC Ch. H - Prob. 4RC Ch. H - Prob. 5RC Ch. H - Prob. 6RC Ch. H - Prob. 7RC Ch. H - Prob. 8RC Ch. H - Prob. 9RC Ch. H - Prob. 10RC

List the weakness in the internal control and explain one or more ways to address each.

List the weakness in the internal control and explain one or more ways to address each.

Suggest some idea for improving the Incorporation A’s automated processing over shipping and billing can be improved and explain the suitable IT controls for such online data entry system.

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Chapter H Solutions