Which of the Following Is Likely to Be of Least

question 28

Multiple Choice

Which of the following is likely to be of least importance to audit teams when obtaining an understanding of the computer controls in an organization with a computerized processing system?

• A) Separation of duties within the computer function.
• B) Controls over source documents.
• C) Documentation maintained for accounting applications.
• D) Relationship between costs and benefits of computer operations.

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Definitions:

Celler-Kefauver Act

A U.S. law, enacted in 1950, designed to prevent anti-competitive mergers and acquisitions by closing loopholes in earlier antitrust legislation.

Competition

The economic rivalry among businesses trying to achieve higher sales, profits, and market share by offering the best possible terms to customers.

Real Assets

Physical, tangible assets such as land, buildings, machinery, or commodities that have intrinsic value due to their substance and properties.

Clayton Act

A U.S. antitrust law, enacted in 1914, aimed at promoting fair competition and preventing unfair business practices.