reporting of control procedures required

Q: What are the objectives of the internal control?

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

Q: What does the Good internal control helps ensure?

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Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: How do automated authorization procedures differ from manual authorization procedures?

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Q: Distinguish between tests of controls and substantive testing.

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Q: Which type of control is considered a compensating control? a. segregation of duties b. access…

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Q: What is the basic relationship between the effectiveness of the client’s internal control and the…

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Q: How discussing control with the apprpriate levels of personnel in internal control system?

A: To achieve the organisation’s goals & objectives the board of directors along with the top tier…

Q: what is control risk

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Q: What is the relationship between Internal Control and Substantive Testing?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: Which of the following i not an element of internal control?A. Control environmentB. MonitoringC.…

A: Internal control can be defined as the process of persuading the objectives of the organization such…

Q: What is the definition of internal control, and what are thefive components of COSO’s internal…

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Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: How does the Sarbanes-Oxley Act relate to internal controls?

A: Sarbanes-Oxley act was formed in 2002. It was made to restrict the fraudulent financial reporting.…

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: How must an auditor document understanding of Internal Control?

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

Q: Which of the following is not one of the components of internal control according to the framework?…

A: Internal control means the way to doing the work and reducing the risk to any loss. Sound internal…

Q: Give an explanation about this statement: Why does control or internal control fails?

A: Internal control refers to the process of implementing and exercising the various mechanisms, rules,…

Q: What are management’s and auditors’ respective responsibilities regarding internal control?

A: Internal control: Internal controls are set by management. it is important to understand that…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What type of internal control is establishing a code of ethics?

A: A code of ethics contains the principles and procedures guiding people to act in desired manner…

Q: Which of the following statements best describes the phrase, “evaluating the design of a control”?…

A: "Evaluating the design of control" means Considering whether the control, individually or in…

Q: Explain one of the principles of Internal Control Activities. Please explain in detail

A: Main purpose of internal control is prevent risk of fruad ,error and mistakes . There are seven…

Q: Describe how the nature of evidence used to evaluate the controlenvironment differs from the nature…

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Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What is the purpose of physical controls?

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Q: What is the concept of reasonable assurance? What are the key limitations of an internal…

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Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: The objectives of internal control are to

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

Q: What is the difference between document examination and reperformance when conducting tests of…

A: Test of controls are performed to obtain evidence about whether controls that are candidates to be…

Q: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

Q: What controls should be employed to avoid breaches into an accountijg information system.

A: An Accounting Information System (AIS) is a system which the businesses are using to recognize,…

Q: Describe some common examples of Control Activities.

A: Control activities: Control activities are more concerned about the protection of the resources of…

Q: Discuss limitations to establishing the system of internal controls at organization.

A: Internal controls are those rules and procedures established by a company to ensure the correctness…

Q: What are some limitations of internal controls?

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