Distinguish between responsibility, authority, and accountability
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: Explain how materiality differs for failure to follow GAAP and for lack of independence.
A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…
Q: Whaat is accountability
A: The transactions that are happened in the company will be analyzed, and recorded in the first book…
Q: What is meant by the phrase management by exception?
A:
Q: Which concept states that accounting information should be complete, neutral, and free from material…
A:
Q: "hich of the following is not a principle ôf internal Control?
A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…
Q: Explain the phrase “Auditing and governing are not mutually exclusive”.
A: The auditing is the examination of financial statements with the audit evidence and forms opinions…
Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE
A: Ethical standards are a set of principles developed by the organization's founding members to…
Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…
A: a) Segregation of duties refers to the delegation of various duties to different employees to…
Q: Which type of control is considered a compensating control? a. segregation of duties b. access…
A: Compensating Control: Compensating control can be defined as an internal control which is set up by…
Q: anuty What general internal control v
A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…
Q: What activities and responsibilities are not associated with management's functions? a. Planning b.…
A: Financial statements are statements which states the business activities performed by the company .…
Q: The rules for meeting material participation are more strict than the rules for meeting active…
A: Active participation means where you help the management to take right decisions where as for…
Q: True or False Segregation of duties is one of the categories of control activities.
A:
Q: procedures is a test of control or a substantive test.
A: Test of controls and substantive tests are two types of audit procedures conducted by auditors. Test…
Q: The understanding with the client
A: A good auditor is one who maintains a good understanding of his clients. An auditor should keep his…
Q: what are the objectives of the client representation letter?
A: Client representation letter refers to the vital evidence piece in audit and the representation as…
Q: hich of the following types of behavior is noted as the most common or frequent problems being…
A: Answer: types of behavior is noted as the most common or frequent problems being observed by…
Q: agency problem
A: The concept of Agency is established between two persons, i.e. a principal and an agent. The…
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: istinguish between responsibility, authority, and accountabilit
A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…
Q: What is an agency order?
A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…
Q: se explain it properly
A: Given: To find the capital balances as, Capital Balances of Banner = P 65,000 and Strange = P 35,000…
Q: control is the process of setting goals and determining way to achieve them true false
A: Control is a function of management in accounting which helps to check errors in order to take…
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: 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: 6. Effective communication means the transference and understanding of meaning, but you cannot know…
A: Feedback means a response from the receiver of the message which gives the communicator an idea of…
Q: BARTLEBY should not be copied. Explain simply what accounting is
A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…
Q: What is meant by the term management by exception?
A: Business Management: Business management refers to the skills associated with running a company…
Q: Identify AND explain its historical significance of: "Strict Accountability
A: Managers in public agencies need to focus their attention on the priorities of those at the top of…
Q: The concept of reasonable assurance recognizes that the cost of internal control should not exceed…
A: Internal control would seem to be a method created by an institution or university's governing…
Q: Clear lines of authority and responsibility are essential to establishing a responsibility…
A: Responsibility Accounting System: Its a system which Divides the Entire Organization in to multiple…
Q: In your own words explain the agency theory and give atleast2 personal experience.
A: The agent is a person who does all the work to the principal. The principal will appoint the agent…
Q: Differentiate between letters, memo and report?
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
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: Explain how materiality differs for failure to follow GAAP and for lack of independence.
A: Auditing means the inspection of financial accounts of the company to determine if the records are…
Q: The engagement letter must include the: * Objectives of the engagement O Management's responsibility…
A: The engagement letter includes: The objective of the engagement Management's responsibility…
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: mples) through w
A: The Agency systemThe Agency device may be very popular in the modern-day commercial enterprise…
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: 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…
Do not copy from bartleby
Distinguish between responsibility, authority, and accountability.
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Solved in 2 steps
- Regarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, TrueProvide one example where information is not relevant but is faithfully represented.Do not copy from other source....answers there are wrong
- The rules for meeting material participation are more strict than the rules for meeting active participation. True or falseExplain your answer and do not copy from others sourcesAnswer 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.
- Explain the phrase “Auditing and governing are not mutually exclusive”.Which one of the following is not included in the control environment? a. Integrity & Ethical values b. Organizational Structure c. Competence of Personnel d. External AuditorBARTLEBY should not be copied. Explain simply what accounting is.