Explain the role of a SAS 70 report in reviewing internal controls
SAS 70 report is the means by which an outsourcing vendor can obtain a single audit report that may be used by its clients' auditors and thus preclude the need for each client firm auditor to conduct its own audit of the vendor organization's internal controls.
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Control Objectives for Information and related Technology's (CobIT) guidance is guided by a structure that corresponds to the SDLC, namely: Plan and Organize, Acquire and Implement, Deliver and Support and Monitor and Evaluate.
Answer the following statement true (T) or false (F)
Separation of duties relates to a control activity in the accounting system
Indicate whether the statement is true or false
Unless the parties agree otherwise, the buyer or lessee has an absolute right to inspect the goods before making payment.?
Indicate whether the statement is true or false
?Since M?2 excludes time deposits, M-2 is a less comprehensive measure of the money supply than M?1.
Answer the following statement true (T) or false (F)