3-2 Assignment

Question 1 The standards for cooperation credit under federal sentencing guidelines influence the internal investigation processes and procedures of public corporations and business organizations. O True 4 pts False

21-36 AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures to assist users in evaluating management's written asser- tions about (1) the entity's compliance with specified requirements. (2) the effective- ness of the entity's internal control over compliance, or (3) both. Required: a. Read AT-C Section 315 and then discuss how a practitioner would conduct an agreed-upon procedures engagement to evaluate an entity's written assertion that it was in compliance

3. Which refers to a code of conduct which the government prescribes for the society? A. Code of conduct B. Policies and rules C. Law D. Ethical code

A court order requiring that a person do or refrain from doing a particular act is known as a(n): a. injunction. b. statute. c. maxim. d. executive order.

es Question 28 The COSO model for internal control lists five specific areas encompassed by the control environment component. Which of the following is not an element of the control environment? O Risk assessment. O Assignment of authority and responsibility O Integrity and ethical values. O Organizational structure. sulzilZa

13 5:34 The Sarbanes-Oxley Act allows CPAs to perform which of the following services for their public audit clients? Multiple Choice Actuarial services Bookkeeping services. Certain consulting services. Internal audit outsourcing

Question 8 Rule 201, General Standards, requires a member to comply with standards and interpretations. Which of the following is NOT a standard covered by Rule 201.     Sufficient relevant data     Due Professional Care     Independence     Planning & Supervision. 9 ) Which of the following situations would most likely be in conflict with the responsibilities principle?     Auditors document their assessment of control risk following their study of internal control.     Auditors perform the engagement with the performance level expected of competent auditors.     Auditors obtain expertise in their client's industry as they are conducting the audit examination.     Auditors are directly involved with a client manager in a strategic decision-making capacity.

Q-143 Certified public accountants have imposed on themselves a rigorous code of professional conduct. Required: a. Discuss the reasons that the accounting profession adopted a code of professional conduct. b. One rule of professional ethics adopted by CPAs is that a CPA cannot be an officer, director, stockholder, representative, or agent of any corporation engaged in the practice of public accounting, except for the professional corporation form expressly permitted by the AICPA. List the arguments supporting the rule that a CPA's firm cannot be a corporation.

Critically examine the principle of Accountability in public administration   For the principle examine a) The meaning and its importance in public administration b) Applicable laws (constitution and FAAA) in Kenya c) Application in judicial decisions/case laws

Question 29 The most important fundamental component of an entity's internal control is:     Effectiveness of operations.      People who operate and function within the control system.     Reliability of financial reporting.     Compliance with applicable laws and regulations.

None

ket system My Dispense Academic Calendar Clear my choice My courses (7) Essay Question: (LO# 2) One of the Components of Internal Control is the control activities; which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives. What are the most important control activities (Explain of each of these control activities)? Paragraph B Path: p Which of the following is not a likely source of information to assess fraud risks? く & 8 A 6 7 7 V 1O て (E 3. Y を IT K J H. G J く N !MS

Question 3 "Internal controls are more than just about detection and prevention of fraud in an entity." Discuss and elaborate five (5) purposes of internal controls to an organisation, and provide relevant examples that leverage on IT to fulfil each of these internal control purposes accordingly.

7

None

Urgent

ACC 622 Chapter 3 Problem 12 a. Using the COSO internal control model for control activities (e.g, transaction authorization, segregation of duties) identify anypotential internal control weakness in the NSC system. b. For each weakness discuss potentila for fraud in the system. c. Make recommendations for correcting each identified control weakness.

Urgent

Question 5 a) List and briefly the main threats to independence and objectivity as identified in IESBA's Code of ethics for Professional Accountants, for each threat you should give an example. b) Briefly explain the fundamental principle of confidentiality and list the circumstances in which obligatory and voluntary disclosure of Information may be applicable. Professional accountants are often involved in many different types of work ranging from performing the external audit to providing wider assurance services. Where an external audit is carried out the auditor required to give an opinion as to whether the financial statements present fairly the activities of the business over a period of time. c) Explain the concept of true and fair presentation.

Question 1 According to the Committee of Sponsoring Organizations (COSO), the proper segregation of duties is an effective internal control procedure. Discuss on the exposure (if any) caused by combining the task of pay cheque preparation and distribution to employees.     Question 2 An organization’s internal audit department is usually considered an effective control mechanism for evaluating the organization’s internal control structure. The Babylion Company’s internal auditing function report directly to the controller. Comment on the effectiveness of this structure.

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

QUESTION 2 Threats may threaten a chartered accountant's compliance with the fundamental principles that are in the code. Identify the 5 different types of threats which exist.

1.What is management's responsibilities for reporting internal control under Section 404 Sarbanes Oxley Act