Answered: Which of the following control…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 16CYBK

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Question

24.

Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?

Group of answer choices

To ensure that overdraft set facilities are authorized and correctly operated within the limits defined by management and the organization's bankers.

To ensure that the potential for staff malpractice and fraud are minimized.

To ensure that all income from bank is recorded without delay.

To ensure that banking charges are effectively monitored and minimized.

To ensure that all banking transactions are bona fide, accurate and authorized whenever necessary.

To ensure that fund transfers and automated methods of effecting banking transactions are valid and verified, in the best interests of the organization, and authorized.

To ensure that banking arrangements and facilities are sufficient, appropriate and adequate for the business.

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