Which internal control procedure is a deterrent to corruption? Multiple Choice O O Use of prenumbered documents Segregation of duties
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- Which of the following exists as an inherent risk even in the best designed systems a. Authorization b. Collusion c. Independent checks d. Detective controlExplain why deficiencies in internal controls might not always result in significant misstatements when transactions are recordedWhy do deficiencies in internal control not always lead to material misstatement when recording transactions？
- A related party transaction is a transfer of resources, services, or obligations between related parties when no consideration is involved. The auditor assesses control risk as high or at the maximum level when the internal controls of the client have not been effectively designed or have not operated effectively. Group of answer choices False, False True, False True, True False, TrueWhare are the disadvantages of internal goverment audits?Explain the difference between an attribute and an exceptioncondition. State the exception condition for the audit procedure: The duplicate salesinvoice has been initialed indicating the performance of internal verification.
- the susceptibility of an account balance or class of transactions to misstatements that could be material, individually or when aggregated with misstatements in other balances or classes, assuming that there were no related internal control is called : Select one: a. control risk b. audit risk c. detection risk d. inherent riskEach of the following represents an internal control procedure except for:a. separation of duties.b. limited access to both assets and records.c. compliance monitoring.d. clear lines of authority and communication.In the consideration of internal control, the operating effectiveness of controls is tested by: Flowcharts verification, Test of controls substantive procedures, or Decision tables, or neither
- Compare the designs of your choice of two internal controls. Determine which is the preferred design for the implementation of internal controls and why it is more likely to detect accounting irregularities. Provide at least two reasons why the preferred design for internal controls is more effective than the other design. Provide a rational for your choice.Which of the following is not one of the categories of control activities? a.Checks on recorded amounts b.Segregation of duties c.Clearly defined authority and responsibility d.Defalcation and financial reportingWhich of the following is not true concerning control activities? a.Control procedures is another term for control activities. b. Transaction authorization is a control activity. c. Information and communication is an important component of control activities. d. Control activities generally fall into the two categories of preventive controls and detective controls.