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Question - As you are planning the annual audit of Norton Corporation, you note that the company has a number of user-operated computers in use in various locations. One of the machines has been installed in the stores department, which has the responsibility for disbursing stock items and for maintaining stores' records. In your audit, you find that one employee receives the requisitions for stores, disburses the stock, maintains the records, operates the computer, and authorizes adjustments to the total amounts of stock recorded by the computer.
When you discuss the applicable controls with the department manager, you are told that the user-operated computer is assigned exclusively to that department. Therefore, the manager contends that it does not require the same types of controls applicable to large IT systems.
Required:
1. Comment on the manager's contention.
2. Discuss five types of control that would apply to this microcomputer application.
X Company shows a balance in Land of $100,000 in 2016, What is the format of an income statement prepared under the contribution margin approach
Shelley wants to cash in her winning lottery ticket. She can either receive ten, $100,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment?
one of the 2 questions i am having problem with. the height in feet of a football as a function of time in seconds is
The CEO of Entitled Ltd. has been focused on increasing the size of the firm and maximizing current profits. Your friend, aware of your expertise in the field of finance, asks you if the CEO's actions are creating an agency problem, and if so, ask..
the current asset section of guardian consultants balance sheet consists of cash accounts receivable and prepaid
Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the ..
shannon polymers uses straight-line depreciation for financial reporting purposes for equipment costing 800000 and with
joseph max inc. sold 10-year 7 percent bonds for 1000000 at 98. on the interest payment date at the end of the 5th year
adjusting entries are required at the end of the period to ensure that accrual accounting principles are applied. the
a company reports the following information as of the end of the year. investment securities of 10000. these securities
Assigning responsibility for situations that require corrective action. Coordinating activities between departments within the organization. Creating standards for evaluating performance.
In addition to the above sales, Spencer received a $100 refund of state income taxes paid last year. Spencer used the standard deduction last year to compute his tax liability. Prepare Form 1040 and Schedule D and Form 8949 for him
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