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Which of the following is the most effective method to confirm the accuracy of an accounting system tax calulation?
Recreating program logic using generalized audit software to calculate monthly totals.
Detailed visual review and assessment of the source code of the calculation programs.
Preparing simulated transactions for processing and comparing the results to predetermined results.
Automatic flowcharting and review of the source code of the calculation programs.
Preparing simulated transactions for processing and comparing the results to predetermined results is the best method for confirming the accuracy of a tax calculation. Detailed visual review, flowcharting and analysis of source code are not effective methods, and monthly totals would not address the accuracy of individual tax calculations.
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