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According to ISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environment an information system encompasses procedures and records that: A. Processes and accounts for system overrides or bypasses to controls. B. Resolves incorrect processing of transactions. C. Transfers information from transaction processing systems to the general ledger. D. Initiates, records, processes and reports entity transactions. E. Ensures information required to be disclosed is accumulated, recorded, processed, summarised and appropriately reported in the accounts. |