Management can expect various benefits to follow from implementing a system of strong internal control. Which of the following benefits is least likely to occur?a. reduction of cost of an external auditb. prevention of employee collusion to commit fraudc. availability of reliable data for decision-making purposesd. some assurance of compliance with the Foreign Corrupt Practices Act of 1977e. some assurance that important documents and records are protected

Q: Indicate which statements are true and which are false. The primary objective of internal control…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Internal controls are critical for any organization's risk of fraudulent activity. Additionally, new…

A: This topic discusses how an advanced technology transaction processing system may assist any firm in…

Q: Well-designed internal control will prevent all fraud by top management. True or False

A: A WELL-DESIGNED INTERNAL CONTROL SYSTEM WILL NOT PREVENT ALL THE FRAUD BY TOP MANAGEMENT . A…

Q: Which is not among the principles contained in the development of the science of internal control? *

A: D - Ensure objectives are met

Q: nich of the following is not stated as a primary objective of a company's internal control policies…

A: Internal control is an organization is designed and implemented by management.

Q: __________are the systems used by an organization to manage risk and diminish the occurrence of…

A: Introduction: Fraud: Fraud is a intentional deception resulting loss to other party. Fraud can be of…

Q: When a company has a strong internal control structure, stockholders can expect the elimination of…

A:

Q: Indicate the COSO component that matches with each of the following internal control activities.…

A: Internal control activities COSO components a. Reporting of control effectiveness  Information and…

Q: When a fraud has occurred within an organization, management must decide what follow-up action (s)…

A: An organization usually does not take any legal action against the person who has done fraud as it…

Q: Refer to the given system flowchart, and we have discussed the control weakness and the risk…

A: Business risks are associated with the internal control systems that every company needs to follow.…

Q: Explain why managers who outsource their IT function may or may not also outsource responsibility…

A:

Q: When it comes to control systems and materiality, why could fraud examiners' views vary from those…

A: Misstatements and judgments are taken into account when determining materiality in the design and…

Q: Indicate the COOO component that matches with each of the following internal control activities.…

A: Internal control is a series of activities based on an organization's standard procedures that aim…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: Which one of the following is not an advantage of internal controls? Select one: a. It safeguards…

A: Internal control is an auditing and accounting tool that ensures operational efficiency and…

Q: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: Internal auditors are individuals from outside CPA firms that come into your business to perfom an…

A: Auditors: These are the persons who are appointed by the company in case of internal audit and…

Q: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: Internal audit aims to conduct systematic scrutiny of records. Internal audit is described as…

A:

Q: Refer to the given system flowchart, and we have discussed the control weakness and the risk…

A: Frauds in sales department are as follows: Recording fake invoices Misrepresenting the excessive or…

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: ’t these types of controls automatically make a correction in the identified error? Why are…

A: Internal control: Internal control involves the norms and rules which are followed by the company to…

Q: The underlying assumption of reasonable assurance regarding implementation of internal control means…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What do documentation procedures and independent internal verification procedures have in commor O…

A: Documentation procedures and independent internal verification procedures is part of internal…

Q: An organization has a mature control environment but limited audit resources. Given this scenario,…

A: Audit:   It is an examination of the financial statements of the company. It helps in determining…

Q: What is the concept behind separation of duties in establishing internal control? a. Employee fraud…

A: Answer:   Option a

Q: Obtaining an understanding of an entity's internal control is more likely to be performed more…

A: Internal controls are a set of preventive measures that are put in place with the purpose of…

Q: nternal control should be designed to provide reasonable assurance that       a. Management’s…

A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…

Q: has in internal control procedures in which fraud or errors could occur? What can the company do to…

A: Every company should want to stop fraud from happening against their organization, and most…

Q: Segregation of duties is one of the most important control activities to minimize incompatible…

A: Introduction :- Segregation of Duties (SOD) is a fundamental component of a company's long-term risk…

Q: Employee Embezzlement via Cash Receipts and Payment of Personal Expenses.Assume you have received a…

A: Since multiple questions are posted only the first three questions will be answered. Kindly resubmit…

Q: Obtaining an understanding of internal control requires the auditor to reach a conclusion about the…

A: Ans.  Let us analyze the statements separately. Statement 1 says that obtaining an understanding of…

Q: A code of ethics is an important element of a fraud prevention program. Which of the following would…

A: Fraud: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or…

Q: Address the questions in perspective of auditing 1.    How can internal auditors use histograms…

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

Q: A business wishes to establish sound internal controls. What rules and processes can you recommend…

A: This question explains about sound internal controls.

Q: The best way to enact a broad fraud prevention program is toa. Install airtight control systems of…

A: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or property…

Q: Following are examples of control deficiencies that may represent significant deficiencies or…

A: Whether a deficiency is classified as a significant deficiency or a material weakness is determined…

Q: Internal controls play an important role in reducing the risks of fraudulent activities in any…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: What were some of the deficiencies in internal controls and risk management within Mega-New York’s…

A: First we have to know what is internal control, and why internal control is placing in the…

Q: A company wants to implement good internal control. What are the policies and procedures you can…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…

A: Internal control: Internal control as defined by the Committee of Sponsoring Organizations of the…

Q: why conducting auditing programme and standards are important in manage corruption?

A: An audit is an independent examination of financial information of an entity with an objective to…

Q: Which of the following audit techniques ordinarily would provide an auditor with the least assurance…

A: Test of controls -  Test of controls is the audit procedure that tests the effectiveness of the…

Q: 1. External auditors should consider the work of internal auditors in their assessment of control…

A: Auditors are the individuals conducting an examination called audit on the business entities so as…

Q: Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public…

A: Introduction: An impartial service that evaluates an organization's internal controls, corporate…