Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it important? Provide an example. b. In your own words, describe independent Internal Verification. Why is it important? Provide an example.

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Two characteristics contributing to reliability are ‘neutrality’ and ‘prudence’. Explain the meaning…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Identify the traditionally segregated duties in noncomplex IT systemsand explain how increases in…

A: In the traditional accounting system, the duties related to the transaction authorization,…

Q: Now consider “segregation of duties.” Determine why it is important in an IT environment. What are…

A: Introduction:- Segregation of Duties is a basic building block of sustainable risk management and…

Q: Which type of control is considered a compensating control? a. segregation of duties b. access…

A:

Q: Scheduled reports may contain some information that is relevant to some decisions and irrelevant to…

A:

Q: What are agency conflicts? What groups can have agency conflicts?

A: Introduction: The problem or conflict of the entity occurs as a result of conflict between two…

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: Why an internal control system can only provide reasonable assurance on the achievement of an…

A: Internal Control is the process designed, implemented and maintained by those  charged with…

Q: Essay about The Importance of Accountability

A: Accountability means to take the responsibility by a person for their own actions. The accountable…

Q: Define what is meant by an agency relationship and clearly explain what an agency problem is. Use a…

A: Agency relationship is the relationship between the principal and the agent, wherein the agent…

Q: List the major elements that contribute to perceptions of justice and how to apply these in…

A: An organization is a one- or more-person body with a specific goal, such as a firm, an institution,…

Q: True or False Segregation of duties is one of the categories of control activities.

A:

Q: Consider “segregation of duties.” Why it is important in an IT environment. What are some advantages…

A: segregation of duties means that no single person should be solely accountable for certain business…

Q: Each of the following represents an internal control procedure except for:a. separation of duties.b.…

A:

Q: iscuss the importance of the role of data administrator. In the flat-fie environment, why is such a…

A: Database Management: Database management refers to management of databases held within an…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: Which of the following items is an example of an inherent limitation in an intrnal control system?…

A: Internal control defined as the process designed,implemented and maintained by management,those…

Q: Which of the following is NOT an example of a decisional role according to Mintzberg? Select one: O…

A: According to Mintzberg, at the managerial level, the most crucial and important part is to make the…

Q: What activities represent Segregation of Duties?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: Individual primary users have different and possibly conflicting information needs and desires. ,…

A: Since we answer only one question, we will answer the first one. Please resubmit the question. 9.…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: What is an agency problem?

A: Agency problems also known as principal-agent problems  are conflicts of interest between managers…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: Which of the following would assist an entity in cat and prevent fraud? a. Accounting…

A: Fraud:- When one person intentionally conducts some activities which are against the rules and…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

Q: Answer the following questions. (a) Who are the stakeholders in this situation? (b) What are the…

A: a) The stakeholders are those people who have a interest in the business. They can affect or get…

Q: The following factors may affect the group engagement team’s involvement in the work of a component…

A: The component auditor represents the auditors who would perform the audit function on a financial…

Q: Distinguish between responsibility, authority, and accountability. Which flow upward and which flow…

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: egarding materiality, both amount and nature of misstatements should be considered. One of the…

A: solution: Regarding materiality, both amount and nature of misstatements should be considered. True…

Q: Distinguish between responsibility, authority, and accountability

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Explain why monitoring alone cannot completely eliminate the agency costs

A: The costs incurred as a result of conflict of interest between company and its stakeholders is known…

Q: _____________Is concerned with providing information for the use of those who are inside the…

A: Accounting: Accounting is recording, classifying , summarizing, analyzing and interpreting of…

Q: Written Policies and Procedures as a part of internal control system serves all of the following…

A: Internal control evaluates the financial and management control in the entity for achieving the…

Q: Explain the primary functions of internal controls procedures in the accounting area. What is meant…

A: Internal control: The internal control refers to the plan of a company. Implementation of effective…

Q: Provide one example of a threat to the Reporting objective and one example of a threat to the…

A: Answer: COSO framework is implemented so that there is proper internal control in any business…

Q: Which of the following is not one of the categories of control activities? a.Checks on recorded…

A: Control activities are implemented by a entity as a part of internal control in order to safeguard…

Q: What kinds of functional responsibilities should be performed by different departments or personsin…

A: Internal Control System: Internal controls system establishes the control within an organization to…

Q: Management and auditor are concerned about segregation of duties in computer based systems? Why? How…

A: The process or technique implemented by an entity to increase the operational efficiency and…

Q: What are the strengths and weaknesses of Agency theory and stakeholders?

A: Agency Theory A theory that is used to explain and resolve issues in the relationship between…

Q: Why is it often difficult to obtain competent and meaningful user involvement in the SDLC?

A: System Development Life Cycle (SDLC): System Development Life Cycle (SDLC) is a system development…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…

Q: Distinguish between responsibility, authority, and accountability.

A: Accountability simply means to answer about the things which are in his or her power. And power…

Q: on compliance with laws and regulation framework was created to comply with which fundamental…

A: Auditing refers to the process of inspecting and evaluating all the financial statements and data of…

Q: What are the differences of the Autocratic Model, custodial Model, Supportive Model, Collegial Model…

A: An organizational behavior model is defined as the basic structure that is used to represent the…