_____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization. A. Staff B. Risk C. Functional D. Line
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_____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization.
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- What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.Which of the following is NOT an objective of all information systems?a. support for the stewardship function ofmanagementb. support for management decision makingc. support for the day-to-day operations of the firmd. all of the above are objectivesIdentify the following users as either external users (E) or internal users (I). Directors
- Information about a company’s objectives, strategies, and signifi cant risks would mostlikely be found in the:B . management commentaryWhich of the following are examples of SOFT controls? [SELECT ALL THAT APPLY] a) Tone at the top (in words and deeds) b) Management decision style c) Culture d) Performance evaluationsChoose the one correct answer. The following are usually considered in the preparation of management letter [I] the letter should indicate that it is only for management's use [II] A description of the reportable conditions discovered [III] Auditor's suggestion to improve the client's internal control. *yes, no, yesno, yes, yesyes, yes, noyes, yes, yes
- 40. Senior management obtains data about external events that might affect the entity and evaluates the impact of that information on its existing accounting processes. This scenario is an example of what COSO component? Group of answer choices Control environment Risk assessment Information and communication MonitoringI. MAS involves decision making of practitioner for the management to meet its goals.II. A CPA’ scope of management services is broad and covers financial and non-financial engagement including audit engagements, as this is within the expertise of CPA. A• True True B• False False C• False True D• True FalseWhich of the following terms is used to describe the process of developing the organization’s objectives and translating those into courses of action? a.planning b.improving c.supervising d.decision making
- Identify the type of outputs produced by the management information system. a. Projections, query responses b. Special reports, decision analyses c. Summary reports and those that contain any advese situation that may ariseIf management signs a management representation letter, is that a good indication that all of management’s statements described in the letter are actually trueDescribe management’s discussion and analysis (MD&A).