What is required in an examination of Internal Control under Sarbanes-Oxley?

Q: Discuss the importance of supervision controls in the receiving department and the reasons behind…

A: Definition:   Receiving department: The receiving department is obligation of inspection and the…

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

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

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 you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

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 the relationship between Internal Control and Substantive Testing?

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

Q: Must the overall understanding of internal control always be followed by assessment and…

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

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: The test that involves inquiries and observation of client personnel and routines to determine how…

A: An audit test is a procedure designed from sample taken from a larger population. The idea is to…

Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: What are the three potential tools available to auditors for documenting their understanding of a…

A: The auditor checks the accuracy level in the financial reporting of one entity.

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: taining in

A: Managerial Responsibilities entail being in charge of the overall management of a work unit (or…

Q: What is the purpose of the inspection process created by the Sarbanes-Oxley Act?

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Q: What is meant by the control environment? What are the factors the auditor must evaluate to…

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

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

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: What is the link between the internal control environment and accountability?

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Q: What is the conclusion of accountability and transparency in terms of policing?

A: Accountability  in terms of policing.  Police accountability ensures that officers can work together…

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: 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: Reasonable assurance that the objectives of internal control are achieved depends on the competence…

A: The question is related to Auditing. Resonable assurance means a high level of assurance regarding…

Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…

A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…

Q: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

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: reporting of control procedures required

A: There are few reasons why control measures are required in reporting. Some of them are as below.

Q: What is meant by a “top-down” approach to evaluation of internal controls?

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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: Are there sufficient internal and external controls in government operations?

A: It is important to implement both internal as well as external control over company's operations…

Q: Section 404 requires management to make a statement identifying the control framework used to…

A: Internal Control:   Internal control involves the norms and standards followed by company to…

Q: one of the components of internal control is the control activities;which are the policies and…

A: Control activities- These are the rules and processes that assist management in attaining its…

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: What types of audit procedures are typically performed in testing operating effectiveness of…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…

Q: What should the audit team consider in its planning discussionabout fraud risks?

A: Fraud risk is the intentional misstatement in the financial statements by the management for the…

Q: One of the Components of Internal Control is the control activities; which are the policies and…

A: Control activities- These are the rules and processes that assist management in attaining its…

Q: do COSO Internal Controls prevention fraud?

A: Internal controls are the policies and procedures put in place to protect your company's assets,…

Q: Give examples of tests of controls to test theoperating effectiveness of internal controlsin the…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…

Q: Do you believe the internal audit activity should be independent? Explain.

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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…