Which is not a component of Internal Control? a. Control Procedures b. Control Activities c. Risk Assessment d. Information and Communication e. Monitoring
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- Which of the following is not one of the components of internal control according to the framework? a. Planning Activities b. Monitoring Activities c. Control Activities d. Risk AssessmenWhich of the following will not occur in an organization that gives managers throughout the organizations maximum freedom to make decisions? a. Individual managers regard the managers of other segments as if they are transacting with external parties.b. Two divisions of the organization having competing models that aim for the same market segments.c. Delays in securing approval for the introduction of new products.d. Greater knowledge of the marketplace and improved service to customers.S1: Batch-level activities are performed each time a batch is handled or process, considering the number of units are in a batch. S2: The costs of activities that are classified as unit-level should be proportional to the number of units produced.Both statements are correctBoth statements are incorrectOnly S1 is correctOnly S1 is incorrect There is a significant decrease in unit sales. Which of the following would be the LEAST likely action among the different departments? a. Consult…Which of the following controls most likely will be effective in offsetting the tendencyof sales personnel to maximize sales volume at the expense of high bad debt writeoffs?(1) Employees responsible for authorizing sales and bad debt write-offs are deniedaccess to cash.(2) Employees involved in the credit-granting function are separated from the salesfunction.(3) Shipping documents and sales invoices are matched by an employee who doesnot have the authority to write off bad debts.(4) Subsidiary accounts receivable records are reconciled to the control account byan employee independent of the authorization of credit.
- 10. Monitoring budgets, costs, performance, and improvement are part of the managementprocess known as controlling. is this statement true or falseWhich of the following situation of operational risk was the Barings Bank of London exposed to? Select one: a. Deficiencies in information systems and internal controls b. All of the options in this question c. Lack of segregation between front and back office d. Fraud and inadequate procedures and controlsLew Pherson and Vera Collier are friends whoare employed by different CPA firms. One day during lunch they are discussing theimportance of internal control in determining the amount of audit evidence requiredfor an engagement. Pherson expresses the view that internal control must be evaluatedcarefully in all companies, regardless of their size or whether they are publicly held,in a similar manner. His CPA firm requires a standard internal control questionnaireon every audit as well as a flowchart of every transaction area. In addition, he says thefirm requires a careful evaluation of the system and a modification in the evidenceaccumulated based on the controls and deficiencies in the system.Collier responds by saying she believes that internal control cannot be adequate inmany of the small companies she audits; therefore, she simply ignores internal controland acts under the assumption of inadequate controls. She goes on to say, “Why should Ispend a lot of time obtaining an…
- kindly answer please thank you! operation auditingin performing effective risk assessment, organizations should: Identify and implement changes that could impact risk and internal control identity and analyze risks to the achievement of its objectives to determine how they may be planned Clearly specify objectives to allow the identification and assessment of risks related to the controls Consider potential fraud relating to the achievement of objectives None of the choicesHOWCAN MISSING GUARANTED DEADLINES, LATE DELIVERY OF GOODS AND INCREASE IN MOTOR VEHICLE GAS BILL THAT IS IDENTIFIABLE AS A CONTROL PROBLEM CAN BE RESOLVE IN AN ORGANIZATION. WHAT IMPACT DOES THE ABOVE HAS ON THE ORGANIZATIONThe main objective of internal control is: a. to promote operational efficiency and encourage adherence to policies b. to produce more goods at the highest amount of time c. all of the choices are correct d. to compromise the quality of goods with the highest quantity that can be produced
- Multiple Choice Questions:1. CIS has several significant effects on an organization. Which of the following would not be important from an auditing perspective< a. organizational changes c. the potential for material misstatement b, the visibility of information d. none of the above; i.e. they are all important2. An important characteristic of CIS is uniformity of processing. Therefore, a risk exists that: a. Auditors will not be able to access data quickly. b. Auditors will not be able to determine if data is processed consistently. c. Erroneous processing can result in the accumulation of a great number of misstatements in a short period Which of time. d. All of the above3. Which of the following is not a risk specific to CIS environment ? a. reliance on the functioning capabilities of hardware and software. b. increased human involvement…Internal control being one of the major determinants of an organization’s success requires the attention of every individual in an organization. A good internal control system will provide organizations with a high degree of confidence that their operations are efficiently managed. There are advantages and disadvantages/limitations to be gained from effectively designed and implemented internal control. QUESTION 2 Audit sampling is the use of an audit procedure on a selection of the items within an account balance or class of transactions. The sampling method used should yield an equal probability that each unit in the sample could be selected. The intent behind doing so is to evaluate some aspect of the information. Audit sampling is needed when population sizes are large, since examining the entire population would be highly inefficient.You are required to discuss the steps that are followed when selecting an audit sample.Data validation is mostly accomplished by developing detail ____ that identify data problems within the new system.Select one:a. applicationsb. reportsc. scenariosd. function modules