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Statement 1: The proper functioning of a bank's authorization controls is particularly important in respect of transactions entered into at or near the date of the financial statements from an audit perspective. Statement 2: The overall responsibility for the system of internal control in a bank rests with the Audit Committee and the Internal Audit Department. a.) Only Statement 1 is true b.) Only Statement 2 is true c.) Both statements are true d.) Both statements are false

Statement 1: The proper functioning of a bank's authorization controls is particularly important in respect of transactions entered into at or near the date of the financial statements from an audit perspective. Statement 2: The overall responsibility for the system of internal control in a bank rests with the Audit Committee and the Internal Audit Department. a.) Only Statement 1 is true b.) Only Statement 2 is true c.) Both statements are true d.) Both statements are false

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 40RQSC
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Statement 1: The proper functioning of a bank's authorization controls is particularly important in respect of transactions entered into at or near the date of the financial statements from an audit perspective. Statement 2: The overall responsibility for the system of internal control in a bank rests with the Audit Committee and the Internal Audit Department.

a.) Only Statement 1 is true
b.) Only Statement 2 is true
c.) Both statements are true
d.) Both statements are false
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