Why do ERP implementations need an audit plan?
What will be an ideal response?
Audit plans are necessary to ensure that the ERP system has the appropriate automated and manual controls in place. These controls will help to prove the completeness of key processes such as the data conversion process. The audit will also consider whether there is enough separation in duties as far as controls are concerned. Auditors must also evaluate the data flow for approval processes, change controls and software update and testing.
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A manufacturer, using a standard cost system, purchased 250 units of direct materials at a cost of $2 per unit. The standard cost per unit of direct materials is $1.85.
Prepare the journal entry to record the direct materials cost variance at the time of purchase. Omit explanation.
________ are capital expenditures that make a plant asset more productive but do not always increase an asset's life; they often involve adding a component to an asset or replacing one of its old components with a better one.
What will be an ideal response?
Making intercompany comparisons is equally as important to insiders as to outsiders. What two measures can provide investors and analysts with information regarding a company’s property, plant, and equipment? ?
What will be an ideal response?
Distinguish between an assignment and delegation