Professional Documents
Culture Documents
SR NO. QUESTION
An __________ is an ecosystem that combines people, processes and technology within an
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overall business environment.
2 __________used by micro and small business.
3 _______ used in small to medium business
4 ______ used in medium to large companies
5 Tally is an example for
6 SAP Business One is an example for _______
7 Oracle Enterprise Business Suite is an example for __________
8 What are the various layers of an automated environment
During which stage the auditor should consider risk arising from the use of IT systems at the
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company
During which phase the results of general IT controls would impact the nature, timing and
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extent of testing
16 ______ is the possibility that something could go wrong.
The controls that operate across a company at all levels from board and top management to
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the department and transaction level are known as _________
Entity Level controls are known as __________ since they operate across all organisation
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levels.
ELCs are part of a company’s overall internal control framework and relate to the internal
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control components other than ________
Statement 1: Direct ELCs operate at a level higher than business activity or transaction level
such as a business process or sub-process level
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Statement 2: Direct ELCs operate at a level higher than business process or sub-process level
such as a business activity or transaction level
Monitoring of effectiveness of controls activities by Internal Audit function is an example for
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________
39 Employee job roles & responsibilities is an example for
___________- require the auditor to understand the business process that makes up an
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account balance or financial statement line item (FSLI).
Generating and preparing meaningful information from raw system data using processes,
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tools, and techniques is known as _________
KPL Private Limited is a large software company based out of Hyderabad. The annual
turnover of the company is INR 2,100 crores.During the financial year ended 31 March 2023,
the auditors during the course of their audit obtained various audit evidences some of which
were in hard copy but mostly in soft copy. On conclusion of the audit, the auditors are in a
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dilemma whether to maintain their documentation entirely in hard copy or soft copy or can it
be mixed of both. After consultations with various persons, the auditors stood that the
documentation for this company, being operated in fully automated environment should be in
soft copy only. Please advise whether this understanding is correct.
50 Risks includes
AL ETHICS - CHAPTER 4: SPECIAL ASPECTS OF AUDITING IN AN AUTOMATED ENVIRONMENT
Option - A Option - B Option - C
Internal control framework real time environment automated environment
Packaged software Small ERPs ERP applications
Packaged software Small ERPs ERP applications
Packaged software Small ERPs ERP applications
Packaged software Small ERPs ERP applications
Packaged software Small ERPs ERP applications
Packaged software Small ERPs ERP applications
Networks Operating systems Databases
business process level controls Entity level controls Sub process level controls
SA 315 A SA 230
three D three
subjective D subjective