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Practice Problems Ch. 12 (ACCT-422)

Practice Problems Ch. 12 (ACCT-422) - would certainly be...

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Solutions to Chapter 12 Practice Problems 12-17 a. (1) b. (1) c. (3) d. (3) 12-18 a. (1) b. (3) c. (2) d. (3) 12-20 PERSON 1 PERSON 2 PERSON 3 PERSON 4 a. Systems analyst Programmer b. Systems analyst Programmer c. Systems analyst Programmer Data control* Computer operator Computer operator Computer operator Librarian* Librarian Librarian Data control N/A Data control N/A N/A * This solution assumes the data control procedures will serve as a check on the computer operator and will allocate work across both persons. d. If all five functions were performed by one person, internal control
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Unformatted text preview: would certainly be weakened. However, the company need not be unauditable, for two reasons: First, there may be controls outside the IT function which constitute effective control. For example, users may reconcile all input and output data on a regular basis. Second, the auditor of a non-public entity is not required to rely on internal control. He or she may take a substantive approach to the audit assuming adequate evidence is available in support of transactions and balances....
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