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Accounting Information Systems The Processes Controls 2nd Edition Turner Solutions Manual
Accounting Information Systems The Processes Controls 2nd Edition Turner Solutions Manual
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trols-2nd-edition-turner-solutions-manual/
Concept Check
1. b
2. c
3. a
4. d
5. d
6. b
7. b
8. a
9. a
10. d
11. c
12. b
13. c
14. d
Discussion Questions
15. (SO 1) Management is held accountable to various parties, both internal and
external to the business organization. To whom does management have a
stewardship obligation and to whom does it have reporting responsibilities?
Management has a stewardship obligation to the shareholders, investors, and
creditors of the company, i.e., any parties who have provided funds or invested in
the company. Management has a reporting responsibility to business organizations
and governmental units with whom the company interacts.
16. (SO 2, 4) If an employee made a mistake that resulted in a loss of company funds
and misstated financial reports, would the employee be guilty of fraud? Discuss. No,
a mistake, or unintentional error, does not constitute fraud. In this situation, there is
no theft or concealment, so fraud does not exist.
17. (SO 2, 3) Do you think it is possible that a business manager may perpetrate fraud
and still have the company’s best interest in mind? Discuss. Student responses may
vary. Those agreeing that it is possible may refer to the fraud triangle and note that
the incentive may be job-related (such as opportunities to produce enhanced
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financial statements, which may increase the company’s stock price, increase
compensation, avoid firings, enhance promotions, and delay bankruptcy) and the
rationalization may involve plans to make restitution. On the other hand, some
students may reject the notion that management fraud could be in a company’s best
interest, as it puts the company at great risk. When frauds are discovered, they are
often devastating due to the financial restatements and loss of trust.
18. (SO 7) Distinguish between internal and external sources of computer fraud.
Employees are the source of internal computer fraud. When employees misuse the
computer system to commit fraud (through manipulation of inputs, programs, or
outputs), this is known as internal computer fraud. On the other hand, external
sources of computer fraud are people outside the company or employees of the
company who conduct computer network break-ins. When an unauthorized party
gains access to the computer system to conduct hacking or spoofing, this is known
as external computer fraud.
19. (SO 7) Identify and explain the three types of internal source computer fraud. The
three types of internal source computer fraud are input manipulation, program
manipulation, and output manipulation. Input manipulation involves altering data that
is input into the computer. Program manipulation involves altering a computer
program through the use of a salami technique, Trojan horse program, trap door
alteration, etc. Output manipulation involves altering reports or other documents
generated from the computer system.
20. (SO 7) Describe three popular program manipulation techniques. The salami
technique accomplishes a fraud by altering small “slices” of computer information.
These slices of fraud are difficult to detect because they are so small, but they may
accumulate to a considerable amount if they are carried out consistently across
many accounts. This is often accomplished by rounding or applying minor
adjustments. The perpetrator typically steals the amounts represented by these
slices or uses them to his or her benefit.
A trap door alteration involves misuse of a valid programming tool, a trap door, to
commit fraud. Trap doors are unique hidden entrances to computer programs that
are written into the software applications to provide a manner of testing the systems.
Although they should be removed prior to implementation, they may remain to
provide a tool for misusing the system to perpetrating fraud.
21. (SO 7) Distinguish between Internet spoofing and e-mail spoofing. Internet spoofing
involves a person working through the Internet to access a computer network while
pretending to be a trusted source. The packet of data containing the Internet
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Chapter 3 Solutions Fraud, Ethics, and Internal Control
protocol (IP) address contains malicious data such as viruses or programs that
capture passwords and log-in names. E-mail spoofing bombards employee e-mail
accounts with junk mail intended to scam the recipients.
22. (SO 10) What are the objectives of a system of internal control? The objectives of
an internal control system are as follows:
23. (SO 10) Name and distinguish among the three types of internal controls. The three
types of internal controls are preventative controls, detective controls, and corrective
controls. Preventative controls are designed to avoid fraud and errors by stopping
any undesired acts before they occur. Detective controls help employees uncover or
discover problems that may exist. Corrective controls involve steps undertaken to
correct existing problems.
24. (SO 10) Identify the COSO report’s five interrelated components of internal controls.
According to the COSO report, there are five interrelated components of internal
control: the control environment, risk assessment, control activities, information and
communication, and monitoring.
25. (SO 10) Name the COSO report’s five internal controls activities. According to the
COSO report, there are five internal control activities: authorization of transactions,
segregation of duties, adequate records and documents, security of records and
documents, and independent checks and reconciliations.
26. (SO 10) Distinguish between general and specific authorization. General
authorization is a set of guidelines that allows transactions to be completed as long
as they fall within established parameters. Specific authorization means that explicit
approval is needed for that single transaction to be completed.
27. (SO 10) Due to cost/benefit considerations, many business organizations are unable
to achieve complete segregation of duties. What else could they do to minimize
risks? Close supervision may serve as a compensating control to lessen the risk of
negative effects when other controls, especially segregation of duties, are lacking.
28. (SO 10) Why is a policies and procedures manual considered an element of internal
control? Formally written and thorough documentation on prescribed policies and
procedures should establish clarity and promote compliance within a business
organization, thus providing an important element of internal control. The policies
and procedures should cover both manual and automated processes and control
measures, and must be communicated to all responsible parties within the company.
Page 3-3
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