S1. Operational risk, as opposed to efficiency, is the risk of loss resulting from inadequate internal processes, people, and systems or from external events. S2. FS audit is concerned on to see that the credit control has been strictly followed while operational audit is concerned on to study the credit control system for suggesting better measures as necessary. Which of the following statements is/are false?

Q: ow to prevent and detect fraud, and make it less likely to occur in organization

A: Fraud is a serious issue that might bring down an organization, no matter its size. according to…

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: If an auditor believes the chance of financial failure is low and there is a corresponding increase…

A: Audit risks are mainly of three types: Inherent risk which is derived from the characteristics of…

Q: The objective of dual-purpose tests is to: A. Test internal controls as well as transactions and…

A:

Q: Assertions with high inherent risk are least likely to involve  a. complex calculations b.…

A: Routine transactions doesn't have assertions with high inherent risk.

Q: When the client’s internal control are good, internal documents are more reliable than external True…

A: The question is related to true or false on Auditing.

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

A: Accounting information system: It is a process which collects data, processes the same into…

Q: For each of the following situations, describe how the auditors’ report on internal control over…

A: a.

Q: Internal controls do each of the following except: A. Evaluate performance of employees B.…

A: Internal control is a system designed by the organisation for Accounting and auditing purposes which…

Q: the susceptibility of an account balance or class of transactions to misstatements that could be…

A: Internal controls: Internal controls are maintained to decline the possibility of fraud. They ensure…

Q: Companies of all sizes try to reduce business risks, create disaster recovery plans, and also…

A: Business risk Business risk is the risk of lowering the profits of a company. Any factor that…

Q: In auditing accounts receivable, the negative form of confirmations request is used when A. Response…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: An auditor’s preliminary control risk assessment is at a high level. Which of the following are…

A: Solution Explanation - The preliminary assessment of control risk is the process of evaluating the…

Q: Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an…

A: The risk and control process that will use the technology to handle the risk :

Q: Tests of controls are most likely to be omitted when(1) an account balance reflects many…

A: Option C is correct

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: 8 Answer is not complete. a. Evaluating the effectiveness of the client's internal control in…

A: Risk Assessment: The  client’s internal  control  is evaluated to get the effectiveness of it. It is…

Q: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: In which of the following circumstances would an auditor expect to find that an entity had…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

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: Q10 Which of the following best describes the reason why independent auditors report on financial…

A: Auditing: It is the independent examination of book of accounts of the company to ensure quality…

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

A: ANSWERS HAVE BEEN GIVEN IN THE NEXT SHEET

Q: 2- Which one of the following statements is false for accounts receivables management? Written…

A: Accounts receivable management involves devising the policies and measures to ensure that customers…

Q: Identify, which of the following will be included in different types of review engagements A. Risk…

A: The different types of review engagement reports are::: Risk assessment reports Review of internal…

Q: which of the following regarding errors is correct Select one: a. it is easier for the auditor to…

A: Ans. Errors can be of two types - i. Intentional error ii. Unintentional error Intentional errors…

Q: An auditor's preliminary control risk assessment is at a high level. Which of the following are…

A: An auditor, during the preliminary assessment of control risk, evaluates the effectiveness of that…

Q: Which of the following statements is not true? a. The auditor’s main duty is the detection and…

A: The auditor has to ensure whether the financial statements represent true and fair view and as well…

Q: As lower acceptable levels of both audit risk and materiality are established, theauditor should…

A: Option (1) is Correct : As lower acceptable levels of both audit risk and materiality are…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: It is not an objective of accounting control Develop operational efficiency resource protection las…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Which of the following evidence provides the least assurance of reliability? A. Accounts receivable…

A: Audit evidences can be collected from internal and external sources. Internal evidences are based on…

Q: Which one of the following statements is most appropriate to Control risk? Susceptibility of account…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

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: Using a bpmn modelling tool, model the control flow of a business process for modelling credit risk?…

A: The Business Process Modeling Notation (BPMN) is an open standard notation for graphical flowcharts…

Q: The probability that, in the absence of internal controls, material errors or frauds could enter the…

A: Inherent risk :       As the name suggests, it is the risk which is inherent in the omission or…

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: 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: Inquiries of clients and reperformance normally have a low cost to perform. True  False

A: As per the guidelines, only one question is allowed to be solved. Please upload separate questions…

Q: determine whether statement 1 and 2 are true or false 2. S1- Studying the relationship of financial…

A: Auditing is an important activity that most organizations adhere to - either voluntarily or as a…

Q: A. Explain Differences between Accountancy and Auditing

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

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: Which of the following would probably not be considered an indication of a material weakness?a.…

A:

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: Which of the following is not a principle relating to risk assessment?

A: Risk assessment: it is a process or a method to find and analyze the risk factors that could cause…