Auditors of ERP Systems

question 51

Multiple Choice

Auditors of ERP systems

• A) need not worry about segregation of duties.
• B) may feel that the data warehouse is too clean and free from errors.
• C) find independent verification easy.
• D) need not worry about system access since the ERP determines it.

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Definitions:

Amortized Mortgage

A loan where the principal is paid down over the life of the loan, typically through fixed monthly payments.

Nominal Interest Rate

The rate of interest before adjustments for inflation, reflecting the rate at which money can be borrowed or lent.

Monthly Payments

Regular payments made on a monthly basis towards settling a financial obligation, such as a loan or mortgage.

Effective Annual Rate

The effective annual rate is the interest rate on a financial product restated from the nominal rate as an annual rate that takes into account compounding over a given period.