An IT Specialist Is Least Likely to Be Necessary When

question 16

Multiple Choice

An IT specialist is least likely to be necessary when

• A) Data are shared extensively among systems.
• B) The entity participates heavily in electronic commerce.
• C) The system has not changed from the prior year.
• D) Significant audit evidence is in electronic form.

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Definitions:

Inventory Account

An account used to track the value of a company's inventory, including raw materials, work-in-progress, and finished goods.

Average Collection Period

The average amount of time it takes for a company to receive payments owed by its customers.

Net Accounts Receivable

The total amount of money owed by customers for purchases made on credit, minus any provision for doubtful accounts.

Sales Returns

Transactions where customers return previously purchased merchandise, resulting in a refund or credit.