The Auditor's Role in Systems Development Should Be as

question 60

Multiple Choice

The auditor's role in systems development should be as

• A) an advisor and developer of internal control specifications.
• B) a developer of internal controls.
• C) an independent reviewer only.
• D) A and B above

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Definitions:

Uniform Commercial Code

An extensive collection of statutes that regulate every aspect of business dealings within the United States, aimed at standardizing the legal framework for sales and various commercial activities throughout the states.

Paid-In-Full

A status indicating that a debt or obligation has been completely settled or paid off.

Accord And Satisfaction

A legal agreement between parties to settle a dispute where the debtor agrees to pay a defined amount less than the creditor claims, which once paid, fulfills the obligation.

Accord And Satisfaction

A legal contract whereby a dispute is settled by the parties involved agreeing to give and accept something in settlement of the claim and thus satisfying both sides.