Revenue Process
What key control helps prevent premature or ficticious revenue by requiring that recognition occurs only after confirmed delivery
System-Enforced Revenue Recognition Based on Fulfillment Confirmation Control
What were the 2 techniques used to test the purchasing process controls?
Inspection - 50 marks
Observation - 50 marks
Which of the following controls involves the testing technique of reperformance
1. Segregation of Duties in the Payroll Process
2. Formal Pre-Payroll Attendance Reconciliation
3. System-Enforced Payroll Adjustment Approval Workflow
3. System-Enforced Payroll Adjustment Approval Workflow
This control involves recalculating the adjustments and comparing them to the payroll system amounts
Out of these 3 which one did we determine was a key control:
Standardized Data Entry Templates
Quarterly Review Meetings
Centralized Electronic Filing System
Standardized Data Entry Templates
Where did Prof. Vitalis go to for Undergrad?
University of San Diego
These system elements such as flags or override logs are reviewed by the auditor to test automated price validations.
ERP System Settings, Audit Records, System Flags
What was the Automated Key Control tested for the purchasing process?
Automated Budget Validation at the Requisition Stage.
For the following control why are we testing only 3 samples?
Control: Formal Pre-Payroll Attendance Reconciliation
1. Weekly Control
2. Biweekly Control
3. Daily Control
4. Monthly Control
2. Biweekly Control
How many samples did we want to take for Segregation of Responsibilities in the GHG Reporting Chain?
50
What is the name of Prof. Vitalis' Research Article Published on August 1st 2023 with the Contemporary Accounting Research Journal?
How does depletion interact with auditors' skeptical dispositions to affect auditors' challenging of managers in negotiations?