What are management's and auditors' relative internal control responsibilities

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: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: roles of internal auditors and external/independent auditor

A: SOLUTION-   INTERNAL AUDITOR- IT IS A TRAINED PROFESSIONAL TASKED WITH PROVIDING INDEPENDENT AND…

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: The most important fundamental component of an entity’s internal control isa. Effectiveness and…

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

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: Which of the following is not part of the definition of internal control? Separation of duties…

A: Explanation:

Q: What are the job responsibilities of the external auditors and how it is different from internal…

A: 1.External auditors generally review the financial statements  through out the year . 2.External…

Q: Why is it important for internal auditors to have a fundamental understanding of diverse business…

A: Introduction: An internal auditor is a corporate employee whose job is to verify the firm's…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

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: How can an audit add value to financial statements and management's internal control reports? Is an…

A: This question explains about financial statements and management's internal control reports

Q: Explain the relationship between corporate ethics and internal control.

A: Corporate ethics: Corporate ethics are also known as business ethics. It refers to policies,…

Q: Which of the following elements of internal control includes maintaining records of employees…

A:

Q: In the integrated audit of an issuer, which of the following would not be considered an entity-level…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

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: What are theresponsibilities of the company’s auditor?

A: An auditor is an independently qualified person who is appointed to give shareholders an…

Q: Describe disclosures related to management’s discussion and analysis, responsibilities, and…

A:

Q: How do Input controls affect management's assertions with respect to the financial statements?

A: Management assertions seem to be statements made by management personnel about certain features of a…

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: Provide relevant examples explaining.

A: Auditing-:Auditing inventory is the procedure of cross-checking financial documents with physical…

Q: What is an Audit Committee? How do they Operate and interact with the Auditors?

A: An audit committee is one of the major operating committees of a company's board of directors that…

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: How does the role of a traditional accountant differ from internal and external auditor?

A: External auditor is appointed for the examination of financial records of the entity and for…

Q: what are the responsibility of Board members with regards to internal controls?

A: Internal Controls Internal controls refer to the rules, regulations, or processes implemented by a…

Q: internal control ensures the substantial accuracy of managerial and financial report

A: Internal control is said to be adequate if it can reduce the frauds or errors to minimum.

Q: Explain the primary functions of internal controls procedures in the accounting area. What is meant…

A: Internal control: The internal control refers to the plan of a company. Implementation of effective…

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: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Audit is conducted by auditor in which auditor assures (or denies) that the financial statements of…

Q: Why is a system of internal control not able  to overcome collusion by employees?

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

Q: the role of the Chief Audit Executive?

A: A chief audit executive or the head of the internal audit function in a company is a staff from the…

Q: Which of the following is not part of the definition of internal control? a. Separation of duties b.…

A:

Q: Explain why many people think of internal auditors as theprimary group responsible for conducting…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Which of the following accurately describes a characteristic of a management letter? Select all that…

A: Management letter or letter of weakness is the letter issued to management or those charged with…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…

Q: What is the problem with an auditor overrelying on management’s representations on the financial…

A: Solution: Introduction: An auditor is a person or firm of auditor(s) who is a qualified and…