How can internal auditors use histograms during internal audits?
Q: . In comparison to the external auditor, an internal auditor is more likely to be concerned with(1)…
A: (3) operational auditing.
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Q: Examples of Deviations. Cameron Jones, CPA, is verifying that all sales made by HicksCompany to…
A: Deviation: An instance or activity that did not occur as per expectations is considered as…
Q: Explain the term ‘analytical procedures’ and outline the different types of analytical procedures…
A: Analytical procedures: Analytical procedures are a type of evidence used during an audit. These…
Q: It is a method of control in limited areas where engineering control methods at the source are not…
A: Adjusting work schedules is the method that involves changing an employee’s work schedule in order…
Q: The GE model for process improvements is a combination of change management and________ analysis. O…
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Q: Which is an INCORRECT way to analyze the process capability of a process (on a particular quality…
A: Find the answers below: The Correct answer is e) use Cpmk
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A: a)Control: Independent checks on performanceObjective: Posting, summarization, Completeness…
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Q: The three key philosophies of TQM are_ O a. Reducing cost, continuous improvement and involvement of…
A: Total Quality Management refers to the process of establishing and managing a permanent climate by…
Q: Evidence is defined as any information used by the auditor to determine whether the quantitative…
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Q: Test Il: IDENTIFICATION Instruction: Indicate the answer on the space provided 1. Is the function of…
A: "Since you have asked multiple questions so we will solve the first question for you. If you want…
Q: SPSS and PSPP are two different packages for statistical analysis of data. SPSS is a paid…
A: The four stages of decision making : Intelligence: here the manager tries to find out whether there…
Q: A test will likely suffer low _______ validity if the control and treatment groups significantly…
A: In scientific research design and experiments, validity refers to scientifically answering the…
Q: As the acceptable level of detection risk decreases, the auditor may do one or moreof the following…
A: 4) Assurances provided by audit procedures at a lower level
Q: Using particular, real-world examples, describe the role and significance of each of the following…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The three key philosophies of TQM are O a. Reducing cost, continuous improvement and involvement of…
A: Total Quality Management Total Quality Management often called TQM is nothing but the continual…
Q: {Auditing} 4. Audit risk may be considered as the product of Inherent risk, control risk and…
A: Audit risk = Control risk x Detection risk x Inherent risk Inherent risk is the risk of a material…
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A: Activity-based costing is a way to figure out how to divide up fixed overhead and administrative…
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A: Perhaps the most-well-known inquiries we get on Audit Data Analytics is the manner by which to…
Q: What are the differences between risk management procedures and the other four forms of audit tests?
A: Just a few transaction proof is gathered via the framework in risk evaluation procedures. Procedures…
Q: 48-involves the examination of the entire population of items that is made up a class of…
A: Decision making is considered to be a very important task in any organization. Before taking the…
Q: Lew Pherson and Vera Collier are friends whoare employed by different CPA firms. One day during…
A: a) The company size affects material depending upon the existence of the nature of control. An…
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Q: When are analytical procedures required on an audit? What is theprimary purpose of analytical…
A: Analytical procedures consist of 'financial information assessments by evaluating possible…
Q: ASA500 requires the auditor to obtain sufficient appropriate evidence to support the opinion issued…
A: Audit evidence is the data or the information utilized by the auditor to conclude whether the…
Q: Evaluate the following statement: “In many audits in whichaccounts receivable is material, the…
A: We need to know that companies maintain financial statement and get audited by auditors as and when…
Q: 1. Discuss how establishing standards benefits the following management functions: performance…
A: Establishing standards are rules, limitations, features, etc that are developed to bring improvement…
Q: • Which step in Xerox's 10-step process of benchmarking share the information and findings to whom…
A: f.Communicate benchmarking findings and gain acceptance.
Q: The three sections or groups of audit standards are: O Field work, general, and final. O Field work,…
A: Auditing standards are the generally accepted standards against which quality audits are performed…
Q: Data and information is one of the important elements in TQM Management. Explain roles of data and…
A: Total quality management refers to the participation of all the members of an organization in…
Q: the last step of the system analysis phase in the SDLC is to a.gather data b. write system analysis…
A: Option d is correct option.
Q: 1. Why is effective skills in quality management is important in any organisation?
A: Note: Only one question can be answered at a time according to our instructions. Quality management…
Q: Which of the following statements is not true of Quality control? a. Quality control aims at…
A: Quality control is a mechanism for fostering and integrating quality growth, quality improvement,…
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- Evaluate the following statement: “In many audits in whichaccounts receivable is material, the requirement of confirming customer balances is awaste of time and would not be performed by competent auditors if it were not requiredby auditing standards. When internal controls are excellent and there are a large numberof small receivables from customers who do not recognize the function of confirmation,it is a meaningless procedure. Examples include well-run utilities and retail stores.In these situations, tests of controls and substantive tests of transactions are far moreeffective than confirmations.”Which of the following best describes the operational audit?(1) It requires the constant review by internal auditors of the administrative controls as they relate to the operations of the company.(2) It concentrates on implementing financial and accounting control in a newlyorganized company.(3) It attempts and is designed to verify the fair presentation of a company’s resultsof operations.(4) It concentrates on seeking aspects of operations in which waste could be reducedby the introduction of controls.the last step of the system analysis phase in the SDLC is to a.gather data b. write system analysis report c. propose changesd. implementation and feedback
- kindly answer please thank you! operation auditingin performing effective risk assessment, organizations should: Identify and implement changes that could impact risk and internal control identity and analyze risks to the achievement of its objectives to determine how they may be planned Clearly specify objectives to allow the identification and assessment of risks related to the controls Consider potential fraud relating to the achievement of objectives None of the choicesLew Pherson and Vera Collier are friends whoare employed by different CPA firms. One day during lunch they are discussing theimportance of internal control in determining the amount of audit evidence requiredfor an engagement. Pherson expresses the view that internal control must be evaluatedcarefully in all companies, regardless of their size or whether they are publicly held,in a similar manner. His CPA firm requires a standard internal control questionnaireon every audit as well as a flowchart of every transaction area. In addition, he says thefirm requires a careful evaluation of the system and a modification in the evidenceaccumulated based on the controls and deficiencies in the system.Collier responds by saying she believes that internal control cannot be adequate inmany of the small companies she audits; therefore, she simply ignores internal controland acts under the assumption of inadequate controls. She goes on to say, “Why should Ispend a lot of time obtaining an…Please answer this and dont just copy paste it on google? i need some opinion here. PLEASE DONT ANSWER LIKE THIS CAUSE ITS BASICALLY FRFROM GOOOG Ans 1 Quality management” ensures superior quality products and services. Quality management is essential for client satisfaction that eventually results in client loyalty. Quality management tools facilitate an organization to style and create a product that the client truly needs and needs. Quality Management ensures magnified revenues and higher productivity for the organization. Quality management helps organizations decrease waste and inventory. Ans 2 TQM can have an important and helpful impact on worker and structure development. By having all employees focus on quality management and continuous improvement, firms will establish and uphold cultural values that make long-run success to each customer and therefore the organization itself. Core ideas for TQM areCustomer satisfaction – be client targeted.Internal customers are…
- Which of the following situation of operational risk was the Barings Bank of London exposed to? Select one: a. Deficiencies in information systems and internal controls b. All of the options in this question c. Lack of segregation between front and back office d. Fraud and inadequate procedures and controlsMultiple Choice Questions:1. CIS has several significant effects on an organization. Which of the following would not be important from an auditing perspective< a. organizational changes c. the potential for material misstatement b, the visibility of information d. none of the above; i.e. they are all important2. An important characteristic of CIS is uniformity of processing. Therefore, a risk exists that: a. Auditors will not be able to access data quickly. b. Auditors will not be able to determine if data is processed consistently. c. Erroneous processing can result in the accumulation of a great number of misstatements in a short period Which of time. d. All of the above3. Which of the following is not a risk specific to CIS environment ? a. reliance on the functioning capabilities of hardware and software. b. increased human involvement…Using signavio or any PBM tools. Model the following business process at a supplier. After a supplier notifies a retailer of the approval of a purchase order, the supplier can receive an order confirmation, an order change, or an order cancelation from the retailer. It may happen that no response is received at all. If no response is received after 48 h, or if an order cancelation is received, the supplier will cancel the order. If an order confirmation is received within 48 h, the supplier will process the order normally. If an order change is received within 48 h, the supplier will update the order and ask again the retailer for confirmation. The retailer is allowed to change an order at most three times. Afterwards, the supplier will automatically cancel the order.
- Tablet computers designed for consumers are actively changing how organizations store, retrieve, and use information. Users are looking for improved data visualization and manipulation tools. Static charts and diagrams are not allowed. Think about how key performance indicator (KPI) monitoring may benefit from data visualizations. Keep the opposite in mind. Is data visualization really necessary for performance management?At Conner Company, a custom manufacturer of printedcircuit boards, the finished boards are subjected to a finalinspection prior to shipment to its customers. As Conner’squality assurance manager, you are responsible for making a presentation to management on quality problems at the be-ginning of each month. Your assistant has analyzed the rejectmemos for all the circuit boards that were rejected during thepast month. He has given you a summary statement listingthe reference number of the circuit board and the reason forrejection from one of the following categories:A = Poor electrolyte coverageB = Improper laminationC = Low copper platingD = Plating separationE = Improper etchingFor 50 circuit boards that had been rejected last month, thesummary statement showed the following:C B C C D E C C B A D A C C C B C A C D C A C C BA C A C B C C A C A A C C D A C C C E C C A B A Ca. Prepare a tally sheet (or checklist) of the different reasonsfor rejection.b. Develop a Pareto chart to identify…Which of the following best completes this sentence? The goal of quality control is to create defect-free products through activities such as testing. In contrast, quality assurance focuses on … a) Collecting metrics to help management monitor of the effectiveness of test and development activities. b) Selecting the development methodology and managing the development life cycle. c) The establishment and company templates, guidelines and standards. d) The software development process, not the software products being developed. e) Ensuring customer satisfaction by providing support for users and being responsive to user feedback.