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Questions and Answers
What type of software is specifically written to access the files of a particular client?
What type of software is specifically written to access the files of a particular client?
- Audit Software
- Customized Software (correct)
- Generalized Software
- Data Mining Software
Which type of software can be easily used to access client's electronic data and perform a broad range of substantive audit tasks?
Which type of software can be easily used to access client's electronic data and perform a broad range of substantive audit tasks?
- Generalized Software
- Customized Software
- Data Mining Software (correct)
- Internal Control Software
What is the focus of audit software when it comes to substantive test work?
What is the focus of audit software when it comes to substantive test work?
- Sampling for confirmation work
- Performing analytical procedures
- Accessing and testing client's files (correct)
- Introducing test data
What is the main characteristic of generalized software used in audit procedures?
What is the main characteristic of generalized software used in audit procedures?
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What procedure is used when IT-related controls are internal and unobservable?
What procedure is used when IT-related controls are internal and unobservable?
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Study Notes
Software for Client Files
- Client-specific software is developed to access unique files of individual clients, ensuring tailored functionality and compliance with specific requirements.
Generalized Audit Software
- Generalized audit software allows auditors to easily access electronic data from clients and undertake a wide array of audit tasks, enhancing efficiency and accuracy in verifying financial records.
Focus of Audit Software on Substantive Tests
- Audit software emphasizes substantive test work by facilitating detailed examination of financial data, identifying anomalies, and ensuring compliance with financial standards.
Characteristics of Generalized Software
- Generalized software utilized in audit procedures is adaptable and flexible, supporting various audit methods and capable of analyzing large datasets from different clients without needing customization.
Internal and Unobservable IT Controls
- When IT-related controls are internal and unobservable, auditors often employ alternative procedures such as substantive testing to evaluate the effectiveness and reliability of these controls.
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