Solutions Ch 7-8-9-10 HWK

Solutions Ch 7-8-9-10 HWK - P7-1 ANS.E1.H2.B (and...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: P7-1 ANS.E1.H2.B (and I)3.L4.G5.K6.D7.A (and I)8.C9.E10.P7-5 ANS.Description Answer1.J2.C3.F4.H5.D6.B7.G8.IP7-8 ANS.We might compare the elements of these two control matrices as follows:Figure 7.7 (the Textbook)Figure 7.8 (PwC)CommentControl goals of the Lenox cash receipts business process.SubprocessBoth name the process.Control goals of the operations process.NAPwC matrix relates to controls over financial reporting and operations are beyond the scope of the PwC matrix.Figure 7.7 (the Textbook)Figure 7.8 (PwC)CommentEnsure effectiveness of operations (and effectiveness goals).NAOperations are beyond the scope of the PwC matrix.Ensure efficient employment of resources.NAOperations are beyond the scope of the PwC matrix.Ensure security of resources.Information processing objective (restricted access).PwC’s objective is to restrict access to information resources. Figure 7.7’s objective also includes other assets.Control goals of the information process.Control objective.PwC states an overall objective for each process. In Figure 7.7, this is a heading for more specific control goals.Input validity.Information processing objective (validity).Same.Input completeness/update completeness.Information processing objective (completeness).Same, but PwC does not address updates.Input accuracy/update accuracy.Information processing objective (accuracy).Same, but PwC does not address updates.Recommended control plans.Description and frequency of control activity.Figure 7.7 does not address frequency of the control activity.NAFinancial statement area.PwC matrix is for controls over financial reporting and states the area of interest.NAAssertions.These are the financial statement assertions that guide testing in a financial statement audit. Testing of controls is beyond the scope of the AIS text.NAP or D.Figure 7.7 does not specifically classify controls as preventive, detective, or corrective.NAA or M.Figure 7.7 does not classify controls as automated or manual.The overall assessment is that the matrices are quite similar. In fact, the control matrix for this textbook was adapted from earlier versions of a PwC matrix (one that was developed by Coopers & Lybrand, one of the firms that became part of PwC). The PwC matrix, being focused as it is on the financial statement audit, has information that is related to that endeavor. The matrix from this textbook is more expansive in that it looks at controls over efficiency and effectiveness of operations andcontrols related to financial reporting.**************************************DQ8-2“In small companies with few employees, it is virtually impossible to implement the segregation of dutiescontrol plan.” Do you agree? Discuss fully....
View Full Document

This note was uploaded on 04/20/2010 for the course AIS 345 taught by Professor R during the Spring '10 term at Bryant.

Page1 / 9

Solutions Ch 7-8-9-10 HWK - P7-1 ANS.E1.H2.B (and...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online