COSO to Assess IT Controls

Q: Which of the following is NOT a control implication of distributed data processing? a. redundancy b.…

A: Distributed data processing is a computer network system in which different computers across the…

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: Distinguish between tests of controls and substantive testing.

A:

Q: Define control decisions.

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: What are the key limitations of an internal control system?

A: Internal Control: A mechanism to maintain the goals of an entity in terms of organizational…

Q: what is control risk

A:

Q: What is the relationship between tests of controls and substantive tests?

A: Audit Planning:   Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What are the issues that need to be considered before implementing keystroke monitoring?

A: Keystroke monitoring means recording the client's keystrokes and the reaction of the framework. This…

Q: Explain internal control. Suggest suitable system of internal control of CSD.

A: Internal control is the procedure, rules used by business in order to ensure the solidarity of the…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: Evaluation of internal control

A: Effectiveness of the internal control of an organization’s system is known as an evaluation of…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: Examine the flowchart and determine any control threats. Specifically discuss the control problems,…

A: Internal Control: Internal control can be defined as the rules, policies, and mechanisms enforced by…

Q: Which of the following is NOT an advantage ofcommercial software?a. Costb. Independencec.…

A: The software market has infiltrated every aspect of a business or service as technology has…

Q: Describe Control Risk

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: Define control risk and detection risk. What is the difference between control risk and detection…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Define and describe what is meant by internal control.

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Define what is meant by compliance auditing

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: INTERNAL CONTROL Examine the flowchart for Problem 4 and determine any control threats. Specifically…

A: Internal control means the control procedures followed by a business in order to take corrective…

Q: Describe some limitations of internal conrol systems. Why do limititations on internal control…

A: Please find the answer to the above questions below:

Q: Explain one of the principles of Internal Control Activities.

A: Internal control means creating a control environment in the organisation which ensures safeguarding…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the comment…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: Identify a major advantage of the FIFO method for purposes of planning and control.

A: First-In First-Out (FIFO): First-in first-out (FIFO) method is the method in which cost are assigned…

Q: Which of the following is NOT a common type of white box test of controls?a. completeness testsb.…

A: Inference tests is NOT a common type of white box test of controls so the correct option in the…

Q: Briefly explain the main purpose of Risk Governance Framework (RGF)

A: Every organisation maintains risk governance framework.It has certain objectives and purposes in…

Q: How is the access control list approach different from RBAC?

A:

Q: What are the components of the Control Environment?

A: Control environment refers to the set of policies, processes, standards, and actions of top-level…

Q: How testing transaction as appropriate in in

A: Internal Control System: An internal controls system includes a group of rules, policies, and…

Q: Discuss internal control consideration.

A: Internal control is a method to ensure the integrity of financial information, targets and…

Q: Explain with an example why any computer-based application control cannot function on its own and…

A: Controls are put in place in order to check, detect and control the given situation and to record…

Q: Refer to the system flowchart below and identify the internal control risks represented in it:

A: System flowchart is a data flow diagram that analyze the beginning criteria and end results of a…

Q: What are some strengths and weaknesses in the  AIS system and ways to improve any weaknesses…

A: AIS stands for Accounting information system which is a method based of computer used through…

Q: Why is IT control and auditability so important in today's virtual environment?

A: Today's virtual environment has changed the aspects of traditional accounting and audit process…

Q: What are the strengths and weaknesses that you see in the system and ways that you would improve any…

A: Systems development is an integral part of modern corporate world. Systems play an important role in…

Q: What controls should be employed to avoid breaches into an accountijg information system.

A: An Accounting Information System (AIS) is a system which the businesses are using to recognize,…

Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…

A: Financial risk refers to a variety of risks related with funding, such as financial transactions…

Q: What are some limitations of internal controls?

A: