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Financial & Managerial Accounting
Found in: Page 312
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

For each of these five separate cases, identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control.

2. Marker Theater has a computerized order-taking system for its tickets. The system is active all week and backed up every Friday night.

Answer

In this case, a violation of applying the principle of technological controls took place.

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Step by Step Solution

Step-by-Step SolutionStep 1: Introduction to topic

Technology controls: Technology controls can likewise be known as a procedure or policy that gives a reasonable assurance that the information technology data innovation utilized by an association works as expected, that information is dependable, and that the association is consistent with applicable laws and regulations.

Step 2: Recommend ensuring adherence to principles of internal control

The theater's framework needs to be backed up every day, not just every week. The theater needs to change the backup policy and ensure the backup duplicates are stored away off-premises.

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