Answered: During the semester, we have discussed…

During the semester, we have discussed threats and controls. Evaluate the following statement. “Accounting independence in accounting information system is important” Discuss using examples.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 94RSCQ

See similar textbooks

Related questions

Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…

A: Introduction: The audit agreement should only be accepted when the auditor is free to perform his…

Q: An individual's ethics is influenced by many factors. As a result, everyone's ethical reasoning…

A: Professional Code of Conduct: A professional code of conduct is a document that instructs workers on…

Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…

A: Data warehouse: It refers to the database which helps in making business decisions. The process of…

Q: The CEO of the Baker Inc, wants to implement a new accounting system, to improve work flow through…

A: Internal audit means the service of audit independently in order to determine the internal controls…

Q: What is the relationship between Accounting and an Accountinginformation system? ) • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: After completing your first degree in accounting you have been employed by XYZ Company as an account…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…

Q: Listed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an…

A: Internal Control System: An internal control system is a process of assuring the organizational…

Q: A company implements internal controls to improve the chances that employee will function according…

A: SOLUTION- Internal controls are the mechanisms, rules, and procedures implemented by a company to…

Q: Explain why the implementation of ERP in a company, especially SAP, can simplify the accounting…

A: Answer:- Auditing meaning:- Auditing can be defined as the verification activity of a process or…

Q: Advanced Accounting requires many rules and regulations. The latter come from many sources. In your…

A: Accounting Principles: Accounting principles are the standards and rules that organizations should…

Q: BUS 505 (Accounting Principles) course relating to financial accounting?

A: Financial Accounting -:Financial Accounting is the procedure of documenting, outlining, and…

Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…

A: The audit agreement should only be accepted when the auditor is free to perform his roles. An…

Q: The business research process involves a series of steps that systematically investigate a problem…

A: Business research process involves steps to investigate a problem or opportunity to a business. The…

Q: Management accounting system prepares reports for presentation to various levels of management which…

A: Management accounting is used by managers within an organization to make strategic decisions based…

Q: What is the relationship between Accounting and an Accountinginformation system? • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: explain on how cloud accounting help accountant in completing the accounting job especially during…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Based on the given scenario, outline your response to the management's proposal and mention any…

A: In the given case scenario, the management has proposed to use data warehouse instead of operational…

Q: How does computerized accounting information systems affect an accounting professional’s ethical and…

A: Accounting information system ((AIS) refers to having a system in which all the business…

Q: Which of the following is an example of an input control? a.making sure report that are distributed…

A: Input controls are used to obtain responses from the interview user. each input control has…

Q: Listed below are five procedures followed by Gilmore Company. Indicate whether each procedure is an…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: Andy is a junior accounts clerk. Andy has the responsibility of keying transactions into the…

A: Risks in the case of accounting entries: 1. Numerical errors: Accounting entries are all about the…

Q: Explain how the outbreak of the COVID-19 pandemic impacts on the accounting information system as a…

A: Introduction The outbreak of COVID 19 have affected all functions of companies all over the world in…

Q: Outline your response to the management’s proposal and mention any concerns you might have.

Q: Describe how information reduces risk when you make a personal or work-related decision.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following statements about an accounting information system (AIS) is incorrect ?(CPA…

A: There are 4 options given with regards to the given concept and one of them is them is incorrect and…

Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…

A: Once, when the auditor is free to perform his roles, then the audit agreement can be accepted. An…

Q: Consider the use of Integrated Accounting, as a computerized accounting system. Write a discussion…

A: Computerized Accounting System refers to an accounting information system that runs on a software…

Q: After completing your first degree in accounting you have been employed by XYZ Company as an account…

A: Answer: The main difference between stand alone and integrated package is that in integrated…

Q: During a weekly meeting the CEO of company made an statement that he heard from a friend that “There…

A: As a chief accountant i would clearly provide information regarding accounting information…

Q: Mr X, head of the accounting department, conducted a meeting with a system professional, Miss…

A: This answer may vary from person to person. However a general opinion is devised based on…

Q: Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of…

A: Accounting Information System The usages of accounting information system are increasing day by day…

Q: companies have accounting system to ensure all valid transactions are properly recorded within a…

A: All company need to have proper accounting system as these accounting system ensure the operating…

Q: Accounting educators are discussing ways to incorporate communication skills, both oral and written,…

A: An effective System Development Life Cycle (SDLC) should result in a high-quality system that…

Q: As the CFO of the organization, you are currently working at, you have been charged with creating…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Shining Glass is switching to a new accounting information system. To expedite the implementation,…

A: Accounting information system (AIS) may be referred to as a process of collecting and storing…

Q: Control Objectives for Information and Related Technology, Why is it important to you in your career…

A: Control Objectives for Information and Related Technology provides generic processes for the…

Question

During the semester, we have discussed threats and controls. Evaluate the following statement. “Accounting independence in accounting information system is important” Discuss using examples.

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Draw the sketch of the management Accounting control system. What type of considerations are included in it.
Identify two specific IT-related risks in computerized accounting information systems. Propose a strategy that might be implemented to mitigate or eliminate each selected risk. Be sure to effectively support your rationale.
The accounting and other reports that help managers monitor performance and focus on problems and/or opportunities are a form of_______________
Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an event or action that will cause the organization to fail to meet its goals/objectives). A control/process or use of technology that will address the risk. Function Risks Controls and Technology Marketing Finance Billing AR (debit) Sales (credit) Collections Cash (debit) AR (credit)
Accounting educators are discussing ways to incorporate communication skills, both oral and written,into accounting information systems courses. Why do you think these skills are supposed to be crucial forproper execution of the System Development Life Cycle?
Which of the following statements is the best definition of an accounting information system? A. A framework that uses computers to produces financial statements B. A framework that coordinates resources (components) needed to convert information into data in order to achieve objectives C. The management information system that generates various reports for management decisions D. A framework that coordinates resources (components) needed to convert data into information for decision making
Information Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.
Which of the following statements correctly distinguishes between management and financial accounting? A. Financial accounting is oriented toward the future. B. Management accounting is oriented more toward the planning and control aspects of management. C. Financial accounting is primarily concerned with providing information for internal users. D. Management accounting reports on the whole organization. Reset Selection
What is better: adopting a manual accounting information system or a computerized accounting information system? How to set up the system?
Which of the following is not a function of an Accounting information system? Select one: a. The supply of information useful for making decisions. b. The efficient and effective collection and storage of data concerning an organizations financial activities. c.The determining and evaluating of alternative courses of action d. The implementation of controls to accurately record and process data
In your opinion, what kind of course is management accounting? Explain this thoroughly.
Which of the following is an example of an input control?a. making sure that output is distributed to the proper peopleb. monitoring the work of programmersc. collecting accurate statistics of historical transactions while gathering datad. recalculating an amount to ensure its accuracye. having another person review the design of a business form