An independent audit aids in the communication of economic data because
Lends credibility to the financial statements.
Confirms the exact accuracy of managements financial representations.
Guarantees that financial data are fairly presente
GENERAL LEDGER AND REPORTING SYSTEMS
This chapter discusses the information processing operations involved
in updating the general ledger and preparing reports that summarize the
results of an organizations activities.
THE REVENUE CYCLE: SALES TO CASH COLLECTIONS
The revenue cycle is a recurring set of business activities and
related information processing operations associated with
providing goods and services to customers and collecting cash in
THE EXPENDITURE CYCLE: PURCHASING TO CASH DISBURSEMENTS
The expenditure cycle is a recurring set of business activities and
related data processing operations associated with the purchase of and
payment for goods and services.