List of Statement 1. A defective audit trail exists when an individual is not able to follow the flow of a transaction from its initiation and inclusion in the financial statement representation, or vice-versa. 2. Managers of profit centers have responsibility for both cost control and revenue generation while managers of cost centers only have responsibility for costs. Which of the statement(s) above is(are) invalid?

Q: not a part of administrative control

A: Option b is wrong because it is a part of administrative control. Option c is wrong because it is a…

Q: Q11 Which of the following best describes the reason why independent auditors report on financial…

A: An Auditor main duties and responsibility to verify the firm financial data and other relevant…

Q: 4. Overall risk management arrangements are the main preoccupation of the internal auditor who is…

A: Answer 4: Correct option is A. i.e. Similarity.

Q: A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also…

A: The term fair presentation refers to the true presentation of the material facts in the books and…

Q: Question 1 (i) Which of the following will NOT be a likely ground to blow the whistle? A. When…

A: Whistle blower means a person who has insider information that some thing is going wrong in the…

Q: 20. The following are characteristics that may signal important information to the auditor about…

A: The concept and working style of management:

Q: From the alternatives given below identify which one is not the objective of Internal Control…

A: Internal control: Internal control is the process which is implemented by the company to protect…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: Analyze the following:

A: Financial statements are the statements of the business, that cover every aspect of the business and…

Q: om the following alternatives, identify which one is not a part of accounting control? a.…

A: Accounting controls:  Accounting controls consists of the methods and procedures that are…

Q: auditor’s written management representation

A: Option A is wrong because written representations are not made for cost-benefit justification.…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: Under what circumstances can you envision management using alternative ones rather than alternative…

Q: S1. Operational risk, as opposed to efficiency, is the risk of loss resulting from inadequate…

A: Operational risk as opposed to efficiency, is defined as the risk of loss resulting from inadequate…

Q: Quèstion 1 Which statement is correct concerning the definition of internal control developed by the…

A: SOLUTION-  INTERNAL CONTROL MEANS BY WHICH AN ORGANIZATION'S RESOURCES ARE DIRECTED , MONITORED AND…

Q: 3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of…

A: Note: Since you have posted multiple questions, as per answering guidelines we shall be solving the…

Q: t is generally acceptable for analytical procedures to be the only audit procedure used to test…

A: solution concept analytical procedure               Analytical procedure used as a audit procedure…

Q: . Generally, audit evidence cannot be obtained entirely through substantive procedures   True or…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: From the alternatives given below identify which one is not the objective of Internal Control…

A: The basic role of internal control is to serve as an appraisal…

Q: Question 1 (i) Operational controls are designed to prevent failures in operational procedures…

A: ANSWERS HAVE BEEN GIVEN IN THE NEXT SHEET

Q: QUESTION 8 Which of the following about a business proposal is FALSE? An effective business…

A: Note: As per the Policy, We’ll answer the first question since the exact one wasn’t specified.…

Q: A transaction level internal control activity is best described as:     An action taken by…

A: A transaction-level internal control activity can be labeled as action taken by customer personnel…

Q: Incorrect Question 4 Which one of the following is not one of the components of an AIS used by…

A: Accounting is a process under which the financial transactions of a company are identified,…

Q: 26-refers to the unbiased accounting information which is developed by the organization for the…

A: Reliability of Accounting information means presentation of accounting information true and fairly.…

Q: 1. What is the implications of management refusal to sign management representation letter.

A: If management refuses to sign the representation letter, it means that they are not willing to stand…

Q: From the options given below which of the following is not the reason of inherent limitation of…

A: Inherent limitation of audit comprises of all those things that are responsible for limiting or…

Q: Question 1 (i) Which of the following is not an example of internal control risk? A. Risks of…

A: Answers have been given in the next sheet.

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: an audit firm is giving advice on accounting or control systems and helping the client with…

A: In the given case option C is correct.. Since it is neither a intimidation Threat nor a self review…

Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…

A: Internal control consists of policies and procedures which is implemented in the organisation so…

Q: Which of the following benefits of an effective accounting information system provides safeguards…

A: Definition:   Accounting information system (AIS): An accounting information system (AIS) is a…

Q: S1. Operational risk, as opposed to efficiency, is the risk of loss resulting from inadequate…

A: An independent auditor examines an entity’s financial statements and supporting disclosures in a…

Q: Some accountants argue that the receiving department should be eliminated. Discuss the objective of…

A:

Q: Which one of the following is not an objective of a system of internal controls? Select one: 1.…

A: Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the…

Q: Why is a system of internal control not able  to overcome collusion by employees?

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and…

A: Internal control is the function of ensuring the integrity of the financial statements. It is done…

Q: S1: Smaller companies tend to maintain less formal means and simpler processes and procedures in…

A: Audit is the detailed process of verification of financial statements and books of accounts of the…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.