grity of information. policies, plans, procedures, law ssets. efficiency of onerations
Q: How do you think that information, such as CSR-related information, could be used to manage an…
A: When a business is contributing a defined percentage of its profits on charitable activities or…
Q: Explain principal (agency relationships)
A: Answer: Agent: An agent is one who provides work on principal’s behalf. Principal approves agent to…
Q: Relationship between IT Control and Financial reporting
A: Information Technology (IT) control can be defined as the specific activities that are performed by…
Q: Define agency relationship
A: Agency relationship is the part of business law where it is a legal relationship between the two…
Q: Risk management program should be intertwined with organizational strategy.
A: Risk management can be defined as the process of identifying, analyzing, and accepting or mitigating…
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: Discuss some of the agency problems clients might encounter and explain how such agency problems can…
A: Introduction: The problem of agency occurs primarily because of the unethical relationship between…
Q: taining in
A: Managerial Responsibilities entail being in charge of the overall management of a work unit (or…
Q: Accountability in
A: Accountability is assigning roles and responsibilities of persons regarding work done by them.
Q: Define agency problems,
A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…
Q: Which one of the following is related to the planning function of management: a. Establishing goals
A: Overhead rates refers to the cost allocated to the production of a product or a service required by…
Q: What is Stategic Audit and its elements? explain.
A: Large, heterogeneous corporations organize themselves into divisions to interrupt the management of…
Q: Explain how copmany approch to planing and its mission can be translated inti action plans
A: Planning: Planning refers to the process which helps in bridging the gap between the point the…
Q: agency problem
A: The concept of Agency is established between two persons, i.e. a principal and an agent. The…
Q: Define agency conflict
A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…
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: g? and How it apply to the company?
A: Strategic systems auditing involves the auditing team gaining high-level knowledge of the business,…
Q: The basic components of an organization's internal control are: Select one: a.…
A: Internal control is a system of organizing the company in which a set of rules, policies, and…
Q: explain the roles of integrated reporting in the following aspects: a. Providing information that is…
A: Integrated reporting is conducted by organization to communicate strategy, plan, Governance or…
Q: What is an agency problem?
A: Agency problems also known as principal-agent problems are conflicts of interest between managers…
Q: What is the purpose of an audit strategy memorandum? What information should it contain?
A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…
Q: what arw the objectives of engagement letter
A: SOLUTION ENGAGEMENT LETTER IS A WRITTEN AGREEMENT THAY DESCRIBES THE BUSINESS RELATIONSHIP TO BE…
Q: Subsequent events – meaning, types, and auditors responsibility on treating each type?
A: An independent auditor's report is generally issued which is connected to historical financial…
Q: merits and demerits of organizational structure
A: Organizational structure is a structure that defines the flow of activities within the organization.…
Q: key internal and external stakeholders
A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…
Q: 1. Explain the Diagram provided below base on your understanding of the concepts of Auditing.…
A: Auditing means to check the actual facts and figure on the financial statements as per the standards…
Q: ability of the given information to provide a meaningful and useful result.
A: Second option is wrong because objectivity means the ability of the information to be impartial.…
Q: Define Ethics.
A: Ethics are a set of moral principles they affect how people in a society make decisions and how…
Q: (a) Draft a core Mission and Vision for HHG and justify it in relation to the background information…
A: Mission To provide reliable, high quality service using the latest medical techniques and highly…
Q: Define the management assertions of existence or occurrence, completeness, rights and obligations,…
A: Management assertion is the declaration by the management about the content of the financial…
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: What makes information relevant to decision making?
A: The information that is essential to occur in the future and is different from the identified…
Q: GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES IMPORTANCE AND SUMMARY AS A WHOLE
A: General Provisions General provisions are balance sheet items representing funds set aside by an…
Q: g detailed substantive procedures
A: Option a is wrong because search of evidence about the effectiveness of the internal control system…
Q: mples) through w
A: The Agency systemThe Agency device may be very popular in the modern-day commercial enterprise…
Q: Define agency cost or problem
A: Agency problem is that problem which is a conflict of interest in a relationship where one side…
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: WHAT ARE SOME EXAMPLES OF POLICY CREDITS AND ADMINISTRATIVE GUIDANCE
A: Policy credits: The credit limit portion specifies the maximum amount of credit that consumers will…
Q: Distinguish the role of internal and external auditor
A:
Q: evaluate the different levels of stakeholder analyses as well as the prioritisation process that can…
A: Stakeholder Analysis is the initial step in the Management of Stakeholders. It is an essential…
Q: How can agency problems be resolved.
A: A principal is one who hires an agent to perform some of his duties. Hence, it is the responsibility…
Q: e mechanism you should have propose
A: Developed by Central BOS, CBOS cloud business management software is connected to every department…
Q: Distinguish between organisational types. Identify their key stakeholders and evaluate their need…
A: An organizational structure is that outline system where certain activities are directed in that…
Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…
A: Financial risk refers to a variety of risks related with funding, such as financial transactions…
Q: Define assurance and assurance services.
A: Assurance basically is a type of audit with the main intention of improving the transparency and…
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- Which of the following is not one of the categories of control activities? a.Checks on recorded amounts b.Segregation of duties c.Clearly defined authority and responsibility d.Defalcation and financial reportingWhich one of the following is not included in the control environment? a. Integrity & Ethical values b. Organizational Structure c. Competence of Personnel d. External AuditorFrom a risk perspective, the PRIMARY objective for classifying data is: a) To ensure the completeness of the company's data inventory b) Establish appropriate control measures, depending upon the asset classification level. c) To support user account administration procedures. d) To limit access to personally identifiable information
- Which of the following is not part of the definition of internal control? a. Separation of duties b. Safeguard assets c. Encourage employees to follow company policies d. Promote operational efficiencyWhich type of control is considered a compensating control? a. segregation of duties b. access control c. supervision d. accounting recordsTrue or False Segregation of duties is one of the categories of control activities.
- Why an internal control system can only provide reasonable assurance on the achievement of an entity’s objectives?A related party transaction is a transfer of resources, services, or obligations between related parties when no consideration is involved. The auditor assesses control risk as high or at the maximum level when the internal controls of the client have not been effectively designed or have not operated effectively. Group of answer choices False, False True, False True, True False, TrueProviding timely information about transactions in sufficient detail to permit proper classification and financial reporting is an example of a. the control environment. b. risk assessment. c. information and communication. d. monitoring.
- The separation of operational responsibility from record keepingis meant to prevent different types of misstatements than the separation of the custodyof assets from accounting. Explain the difference in the purposes of these two types ofseparation of duties.When obtaining an understanding of an entity’s internal control, an auditor should concentrate on the substance ofcontrols rather than their form because:Select one: a. Management may establish appropriate controls but not enforce compliance with them. b. The controls may be operating effectively but may not be documented. c. The controls may be so inappropriate that no reliance is contemplated by the auditor. d. Management may implement controls whose costs exceed their benefits.