When two or more people get together for the pur Select one: O A. a division of duties. OB. bonding of employees. OC. a fraud committee.
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- Question 1 According to the Committee of Sponsoring Organizations (COSO), the proper segregation of duties is an effective internal control procedure. Discuss on the exposure (if any) caused by combining the task of pay cheque preparation and distribution to employees. Question 2 An organization’s internal audit department is usually considered an effective control mechanism for evaluating the organization’s internal control structure. The Babylion Company’s internal auditing function report directly to the controller. Comment on the effectiveness of this structure.When comparing the auditor's responsibility for detecting employee fraud and for detecting errors, the profession has placed the responsibility Select one: a. on the senior auditor for detecting errors and on the manager for detecting employee fraud b. more on discovering employee fraud than errors c. equally on discovering errors and employee fraud d. more on discovering errors than employee fraudWhich of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the above
- Auditor conducts employee interview as a part of evaluation of internal control a. To understand whether the employees are satisfied or not b. To determine how well individuals are trained for their job c. To understand the opinion of employees about the management d. To understand the opinion of employees about the companyDiscuss the significance of having a separate organizational unit for the HR function (reporting to the vice president of HR), as opposed to having the HR function housed within an administrative organizational unit (reporting to a manager of HR).Match each of the following control activities with its definition. Control Activities Definitions 1. Separation of duties 2. Physical controls 3. Proper authorization 4. Employee management 5. Reconciliations 6. Performance reviews a. The company should maintain security over assets and accounting records.b. Management should periodically determine whether the amounts of physical assets of the company match the accounting records.c. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties.d. The actual performance of individuals or processes should be checked against their expected performance.e. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees.f. To prevent improper use of the company’s resources, only certain employees are allowed to carry out certain business activities.
- Which General Staff member negotiates and monitors contracts, maintains documentation for reimbursement, and oversees timekeeping for incident personnel? A.Finance/Administration Section Chief B. Operations Section Chief C. Logistics Section Chief D. Planning Section Chief.According to SAS 78/COSO, the proper segregation of functions is an effective internal control procedure. Comment on the exposure (if any) caused by combining the tasks of paycheck preparation and distribution to employees.Which of the following documentary evidence is considered ? the most reliable Select one a. Written policies and procedures b. Vendor invoices c. Letters from outside attorneys d . Employee time sheets
- Who oversees the organization’s system of internal control? a. None of the choices b. Process Owners c. Internal Auditors d. Board of Directors e. Management(i) The panel of Auditors of cooperative society is maintained by – (A) Charted Accountant (B) Central Government (C) Registrar (D) Shareholders (ii)Internal auditor has to submit report to – (A) Shareholders (B) Government(C) Company law board(D) None of aboveAccording to COSO, the proper segregation of functions is an effective internal control procedure. Comment on the exposure (if any) caused by combining the tasks of paycheque preparation and distribution to employees.
