Explain how general controls impact transaction integrity and the financial reporting process
Consider an organization with poor database security controls. In such a situation, even data processed by systems with adequate built in application controls may be at risk. An individual who can circumvent database security, may then change, steal, or corrupt stored transaction data. Thus, general controls are needed to support the functioning of application controls, and both are needed to ensure accurate financial reporting.
You might also like to view...
A small refrigeration shop stocks up on electric motors from a catalog supplier located in the Midwest. The price of the motors varies depending on the quantity purchased; the price breaks are shown in the table
The refrigeration shop knows it will need around 600 motors for the coming season and that it will cost them about $40 to place an order. Storage cost for the motors is $10 each. In previous years they have bought all 600 at once and they are considering doing this again. What order quantity would you advise and how much can they save using your recommendation instead of their one order per year strategy? Quantity Price/unit 1-49 $35.00 50-99 $34.00 100-499 $33.00 500 or more $30.00 What will be an ideal response?
If projects are mutually exclusive, the project with the ________ should be accepted by the firm
A) lowest ANPV B) highest ANPV C) highest return D) lowest tax burden
________ is the science of taking reliable measurements from aerial photographs.
A - map projection B - cartography C - photogrammetry D - multispectral scanning E - symap
Investors purchase calls if they expect the stock price to rise.
What will be an ideal response?