The most important fundamental component of an entity’s internal control isa. Effectiveness and efficiency of operations.b. People who operate the control system.c. Reliability of financial reporting.d. Compliance with applicable laws and regulations.

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

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

Q: Who has responsibility for internal control in an organization? According to guidelines set forth in…

A: Sarbanes Oxley Act: In order to protect the rights of an investor from fraudulent practices by the…

Q: A system that establishes financial accountability for operating segments within an organization is…

A: Responsibility Accounting is a system of control where responsibility is assigned to a person.

Q: What is an engagement to attest on internal control over financial reporting? (

A: Internal control seems to be a procedure formulated and constructed by those in command of…

Q: Risk assessment procedures are performed by auditors to: a. detect material misstatements in the…

A: The risk assessment procedures include test of control, substantive procedures and assessment…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: Which of the following members of an organization has ultimate ownership responsibility of the…

A: Solution: The chief executive officer (CEO) has the ultimate responsibility for enterprise risk…

Q: Assess the value of an organization's internal audit function to its overall success

A: Accounting is described as the process of evaluating and analyzing financial statements and other…

Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: What is management’s responsibility for reporting on internal control over financial reporting?

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management  and Those charged with governance the  Financial statements…

Q: Comment on the effectiveness of this structure.

A: The role of internal audit is to provide independent assurance that an organisation's risk…

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: write about the implementation of systrust (integrity,security,availability,privacy and…

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

Q: Describe and define the assertions that management makes about the recognition, measurement,…

A: Assertions are criteria that assess the accurate and fair portrayal of financial statements in the…

Q: An independent examination and evaluation of the financial statements of an organization is called…

A: Businesses are often managed and controlled by managers that are hired employees of the…

Q: The internal control of an organization is made up of O control of the environment. O all of these.…

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

Q: The main purposes of internal controls include all of the following except Multiple Choice…

A: Correct answer is  increase the operating expenses of publicly traded companies

Q: General-purpose fi nancial statements are prepared primarily for:a. internal users.b. external…

A:

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: Evaluate the contribution of the internal audit function to the effective running of an…

A: Audit is defined as the evaluation and analysis of the financial statements and information dealt by…

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: internal audit activity's role

A: First option is wrong because one among the choices is the correct answer. Second option is wrong…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: Which of the following is not considered to be part of the internal control structure of a…

A: Every business organisation has its own objectives and goals. Business wants to achieve that goals…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: The study and verification of a company’s financial records is described by the term audit in…

Q: Internal controls are grouped into the following categories: Efficient operations, financial…

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

Q: The primary objective of compliance auditing is toa. Give an opinion on financial statements.b.…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

Q: Identify information that auditors are required to communicate to individuals charged with…

A: AU 265 and AS 16 require auditors to communicate all significant internal control deficiencies and…

Q: The attitudes and actions of those charged with governance concerning an entity's internal control…

A: Control activities involves policies and procedure taken by the management to minimize risk. It…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: List the major components of the auditors’ report on internal control over financial reporting.

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

Q: Discuss elements of the system of external and internal financial reporting thatcreate integrity in…

A: Financial reporting refers to framework which need to be followed while preparing financial…

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: Is an organization’s internal audit function part of its system of internal controls? If your answer…

A: Internal Audit Internal audit refers to the department set inside a business that monitors the…

Q: Which of the following is more likely to occur when an entity has effective internal controls?…

A: Internal control means the mechanisms, rules, procedures etc. which are implemented by a company to…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Test of controls is the process of the audit to check the effectiveness of the controls by a client…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

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

Q: General-purpose financial statements are prepared primarily for: a.    internal users. b.…

A: General - purpose financial statements are prepared primarily for External users.

Q: An organization’s internal audit department is usually considered an effective control mechanism for…

A: Internal Audit: Internal audit is the process by which organization assures the compliance of rules…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…