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Solution for Accounting Information Systems 1st Edition Chapter 18, Problem 1

by Robert Hurt
557 Solutions 18 Chapters 54722 Studied ISBN: 9780073195551 Management Information Systems 5 (1)

Chapter 18, Problem 1 : 1.Reading review questions a)List and discuss...

1.Reading review questions

a)List and discuss the seven types of audits described in the chapter

 

Step-By-Step Solution

1.a)A financial audit involves the examination of a company’s accounting information system and financial statements.  In an operational audit, auditors examine a company’s rules and procedures for conducting business.  A systems audit determines whether the various forms of information technology in an AIS are producing expected results.  A compliance audit determines whether or not a GNFP is following the rules and regulations in the Yellow Book.  A management audit determines the degree to which the assumptions underlying decisions are valid; it also examines the ways in which management decisions are supported.  An investigative audit, which may be conducted by a Certified Fraud Examiner, may be triggered by observation of unusual behavior or discrepancies in the accounting information system.  An international audit is really a “basket” of the other types; it can be conducted in a US-based firm with international operations or a non-US based firm. 

 

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