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?

Q: Which of the following is an example of detective controls? a. The company should establish formal…

A: Definition: Control activities: Control activities help the management to have a proper control over…

Q: ecutives would commit fraud and how understanding the motive for fraud can assist an auditor in the…

A: Corporate fraud refers to the illegal and unethical activities undertaken by an individual who is…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though financial…

Q: Which of the following types of documentary evidence should the auditor consider the most reliable?…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Statement 1: The proper functioning of a bank's authorization controls is particularly important in…

A: During audit, auditor is required to performe procedures to obtain reasonable assurance about the…

Q: nich of the following is not stated as a primary objective of a company's internal control policies…

A: Internal control is an organization is designed and implemented by management.

Q: Which of the following is NOT one of the purposes of internal control? a. to guarantee the success…

A: Internal control involves procedures and policies to ensure the integrity of the accounting…

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering -  – Using the money received from doing criminal activities such…

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: Explain why each of the following combinations of tasks should or should not be separated to achieve…

A: Part (a) This combination of tasks should be separated to achieve adequate internal control. If a…

Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…

A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…

Q: The auditor would like to determine any cash restriction. Which of the following audit procedures…

A: Budget audits or a third-party objective review and evaluation of a company's financial accounts are…

Q: Which of the following control activities would best protect against the preparation ofimproper or…

A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

Q: An effective risk management system in banks is generally the same as other industries. It requires…

A: Risk Management System Risk Management system which requires the details of which are highlighted…

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…

A: Given: To explain the correct option among the given options as,

Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or…

A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND…

Q: The auditor would like to determine any cash restriction. Which of the following audit procedures…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: What is the purpose of a bank confirmation and why are bank confirmations an important piece of…

A: The revenue cycle is defined as the accounting process by which a corporation keeps track of the…

Q: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: Which of the following substantive audit procedures is most likely to be performed by the auditor to…

A: Substantive audit procedures refer to audit processes performed by the auditor to detect material…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: Option 1 This will be considered by the auditor in drafting the audit procedures as it can lead to…

Q: If an auditor believes that a misstatement might be intentional and the effect on the financial…

A: c) If the auditors prepare the procedure and if check whether the fraud have taken place or going to…

Q: Indicate whether the statement is true or false. Internal control procedures should be designed to…

A: In accounting and auditing perspective, Internal control means fulfilling organisational objectives…

Q: The following are deficiencies in internal controls over cash. For each deficiency indicate what…

A: “Since you have posted a question with multiple sub parts, we will solve first 3 sub parts for you.…

Q: If a bank is in a 'state of continuing inability or unwillingness to maintain a condition of…

A: Liquidity is the risk to a bank's earnings and capital arising from its inability to timely meet…

Q: whom should the auditors contact when they suspect a fraud? a. senior management b. audit…

A: Auditors are the persons who examine the financial statements of an entity to check the accuracy and…

Q: ties of Internal IT Developer of company is to write application programs and then perform required…

A: Segregation of duties refers to the internal control design made to disperse the duties in order to…

Q: 1 essential part of the auditor's responsibility in auditing cash receipts is to identify…

A: Cash receipt refers to the evidence of purchase issued when the buyer of goods has paid in cash and…

Q: Which of the following questions would auditors most likely include on an internal control…

A:

Q: Identify important internal control activities present in a properly designed system to mitigate the…

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company…

Q: Explain why each of the following combinations of tasks should or should no be separated to achieve…

A: Solution:- a)Approval of bad debt write-offs and the reconciliation of the AR subsidiary ledger and…

Q: Shelly Eckert has prepared the following list of statements about internal control. Identify each…

A: based on the given data we nee d to identify if the statements is true or false

Q: $1: In obtaining an understanding of the internal control policies and procedures, the auditor noted…

A: Internal control is a part of auditing done from the part of an organization to keep a control over…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: When auditing with “fraud awareness,” auditors should especially notice and follow up employee…

A: Fraud: Fraud is the act of deliberately conduction false reporting of facts, acquiring funds or…

Q: Explain why each of the following combinations of task should or should not be separated to achieve…

A: The approval and write-offs of bad debt and reconciliation of account receivable and general control…

Q: $1: The auditor should be on constant alert for indications of a breakdown or weaknesses in internal…

A: 1: The auditor should be on constant alert for indications of a breakdown or weaknesses in internal…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: from the following given above options: OPTION(4)  would be likely considered by the internal…

Q: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

Q: The following scenarios are taken from actual fraud cases. For each scenario, categorize as…

A: Following will be the categorization of the given situation

Q: When auditing with “fraud awareness,” auditors should especially notice and reviewemployee…

A: The right is( a) The company always estimates the inventory but never takes a complete physical…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of the…

Q: An external audit undertaken on the operational risk department of Zenith Bank Ghana Ltd identified…

A: External Audit of the Operational Risk Department of Zenith Bank Ghana Ltd. identified the following…

Q: Prepare a broad audit plan: 1. What material types of transactions and transaction cycles are…

A: Audit Plan: When performing an audit, it is necessary to follow a precise plan, which is called the…

Q: rimary role of internal controls in managing a business? a.To ensure that the financial statements…

A:

Characteristics of Bonds