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Information Technology Control and Audit notes
Sandra Senft, Frederick Gallegos, Aleksandra Davis - ISBN: 9781439893241
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View all 3 notes for Information Technology Control and Audit, written by Sandra Senft, Frederick Gallegos, Aleksandra Davis. All Information Technology Control and Audit notes, flashcards, summaries and study guides are written by your fellow students or tutors. Get yourself a Information Technology Control and Audit summary or other study material that matches your study style perfectly, and studying will be a breeze.
Best selling Information Technology Control and Audit notes
1. What is the purpose of an IT audit? 
Response: The purpose of an IT audit is to provide an independent assessment of some 
technology- or systems-related object, such as proper IT implementation, or controls over 
computer resources. Because most modern accounting information systems use IT, IT 
plays a significant role in a financial (external audit), where the purpose is to determine the 
fairness and accuracy of the financial statements. 
2. Discuss the concept of independence within the c...
- Exam (elaborations)
- • 20 pages •
1. What is the purpose of an IT audit? 
Response: The purpose of an IT audit is to provide an independent assessment of some 
technology- or systems-related object, such as proper IT implementation, or controls over 
computer resources. Because most modern accounting information systems use IT, IT 
plays a significant role in a financial (external audit), where the purpose is to determine the 
fairness and accuracy of the financial statements. 
2. Discuss the concept of independence within the c...
1. Corporate management (including the CEO) must certify monthly and 
annually their organization’s internal controls over financial reporting. 
ANS: F PTS: 1 
2. Both the SEC and the PCAOB require management to use the COBIT framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
3. Both the SEC and the PCAOB require management to use the COSO framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
4. A qualified opinion on management’s assessment of internal control...
- Exam (elaborations)
- • 24 pages •
1. Corporate management (including the CEO) must certify monthly and 
annually their organization’s internal controls over financial reporting. 
ANS: F PTS: 1 
2. Both the SEC and the PCAOB require management to use the COBIT framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
3. Both the SEC and the PCAOB require management to use the COSO framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
4. A qualified opinion on management’s assessment of internal control...
1. A city levies property taxes in the amount of $4,000,000. 
Experience shows that about $100,000 of the amount levied 
will not be collected. 
Answer: 
Property taxes receivable 4,000,000 
Allowance for refunds and 
uncollectible taxes 100,000 
Revenues – property taxes 3,900,000 
Practice Exercise 
© Cambridge Business Publishers 17 
2. A city collects cash of $3,800,000 on the property tax levy. 
Answer: 
Cash 3,800,000 
Property taxes receivable 3,800,000 
Record Property Tax Entries 
©...
- Exam (elaborations)
- • 100 pages •
1. A city levies property taxes in the amount of $4,000,000. 
Experience shows that about $100,000 of the amount levied 
will not be collected. 
Answer: 
Property taxes receivable 4,000,000 
Allowance for refunds and 
uncollectible taxes 100,000 
Revenues – property taxes 3,900,000 
Practice Exercise 
© Cambridge Business Publishers 17 
2. A city collects cash of $3,800,000 on the property tax levy. 
Answer: 
Cash 3,800,000 
Property taxes receivable 3,800,000 
Record Property Tax Entries 
©...
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Newest Information Technology Control and Audit summaries
1. What is the purpose of an IT audit? 
Response: The purpose of an IT audit is to provide an independent assessment of some 
technology- or systems-related object, such as proper IT implementation, or controls over 
computer resources. Because most modern accounting information systems use IT, IT 
plays a significant role in a financial (external audit), where the purpose is to determine the 
fairness and accuracy of the financial statements. 
2. Discuss the concept of independence within the c...
- Exam (elaborations)
- • 20 pages •
1. What is the purpose of an IT audit? 
Response: The purpose of an IT audit is to provide an independent assessment of some 
technology- or systems-related object, such as proper IT implementation, or controls over 
computer resources. Because most modern accounting information systems use IT, IT 
plays a significant role in a financial (external audit), where the purpose is to determine the 
fairness and accuracy of the financial statements. 
2. Discuss the concept of independence within the c...
1. Corporate management (including the CEO) must certify monthly and 
annually their organization’s internal controls over financial reporting. 
ANS: F PTS: 1 
2. Both the SEC and the PCAOB require management to use the COBIT framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
3. Both the SEC and the PCAOB require management to use the COSO framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
4. A qualified opinion on management’s assessment of internal control...
- Exam (elaborations)
- • 24 pages •
1. Corporate management (including the CEO) must certify monthly and 
annually their organization’s internal controls over financial reporting. 
ANS: F PTS: 1 
2. Both the SEC and the PCAOB require management to use the COBIT framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
3. Both the SEC and the PCAOB require management to use the COSO framework for 
assessing internal control adequacy. 
ANS: F PTS: 1 
4. A qualified opinion on management’s assessment of internal control...
1. A city levies property taxes in the amount of $4,000,000. 
Experience shows that about $100,000 of the amount levied 
will not be collected. 
Answer: 
Property taxes receivable 4,000,000 
Allowance for refunds and 
uncollectible taxes 100,000 
Revenues – property taxes 3,900,000 
Practice Exercise 
© Cambridge Business Publishers 17 
2. A city collects cash of $3,800,000 on the property tax levy. 
Answer: 
Cash 3,800,000 
Property taxes receivable 3,800,000 
Record Property Tax Entries 
©...
- Exam (elaborations)
- • 100 pages •
1. A city levies property taxes in the amount of $4,000,000. 
Experience shows that about $100,000 of the amount levied 
will not be collected. 
Answer: 
Property taxes receivable 4,000,000 
Allowance for refunds and 
uncollectible taxes 100,000 
Revenues – property taxes 3,900,000 
Practice Exercise 
© Cambridge Business Publishers 17 
2. A city collects cash of $3,800,000 on the property tax levy. 
Answer: 
Cash 3,800,000 
Property taxes receivable 3,800,000 
Record Property Tax Entries 
©...
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