Which of the following is NOT a relevant consideration when assessing if a product is unsafe according to the ACL?Select one:a. Whether the item was manufactured in Australiab. The likely uses to which a person might use the productc. Whether the item contained warning labelsd. How the item was marketede. Whether the item contained sufficient safety instructions

Q: Do we need to consider whether a company should buy equipment to perform an operation manually or in…

A: For a firm, one of the decisions that it needs to take at some point is whether a company should buy…

Q: In unethical for a company to provide a sustainability report, but provide no assurance on the…

A: Ethics: Ethics are the code of conduct that every organization has and all have to follow these…

Q: In a furniture store evaluate its main sources of potential financial risk using suitable…

A: The following could be potential financial risks for the furniture store: Market risk: It involves…

Q: I am resubmitting this as the guidance I received for question 3. A/B/C is incorrect.      Mercer…

A: 1.Perform the first-stage allocation of costs to the activity cost pools as follows:

Q: Compare the designs of your choice of two internal controls. Determine which is the preferred design…

A: Preventive control is the most important control out of the other internal controls because it…

Q: ntity does not use plastic because it knows that its customer base is sensitive to pollution issues.…

A: There are many method to manage the risk and reduce the risk.

Q: In an item of the IEEE code of ethics, it is said: To seek, accept, and offer honest criticism of…

A: IEEE code of ethics are the ethical rules which must be followed by the Institute of electrical and…

Q: Which of the following is NOT an internal consideration in analyzing the decision environment?…

A: In financial management, managers have to take various business decisions by considering the…

Q: Which of the following is a valid defense in a strict products liability case? Group of answer…

A: Strict liability is a theory which describes the consequence and legal responsibility of any damage…

Q: The assessment of control risk can be made at any of the following times except:

A: Correct option is B. After performing all the necessary substantive tests.

Q: Why is the reporting of control procedures required, and what information is disclosed about…

A: The answer to the first part of the question on “Why is reporting of control procedures required “…

Q: Under IFRS, the retrospective approach should not be used if: a.    retrospective application…

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is a…

Q: One way of identifying inadequacies in risk control measures is to conduct a safety audit. A health…

A: An audit is a process conducted by an organization in order to check the financial statements of the…

Q: Determine if the following situation should be : BOOKED as a Liability, DISCLOSED in the notes of…

A: As per law, a company has to book a liability when it is more likely that the company might lose the…

Q: Mr. Abdullah is the Purchase manager of ABC Ltd. a company engaged in the manufacture of Kids toys.…

A: Internal control procedures are those procedures which are adopted in order to ensure fulfilment of…

Q: Which of the following management assertion is the most suitable assertion for “inspecting invoices…

A: Assertions: Some of the statements made by the financial statement preparer of a firm include…

Q: What is the purpose of the inspection process created by the Sarbanes-Oxley Act?

A:

Q: Which principles of the ACM code of ethics and professional behavior would be breached if face…

A: Technology enables the collection, monitoring, and exchange of personal information quickly,…

Q: What is standard? O A mean of evaluating the acceptability for use to ensure products, services and…

A: Standards are the prescribed norms and guidelines that entity is required to follow and work upon to…

Q: Which of the following does NOT meet the definition of “Manufacturer” under ACL s 7?Select one:a.…

A: Consumers can sue a manufacturer for product safety faults under the Australian Consumer Law (ACL)…

Q: According to Professional Judgment, one of the environmental factors affecting judgment is the "rush…

A: Rush to Solve Judgement Trap Rush to solve judgement trap which are arising many situation in the…

Q: The factors affecting control risk include: O The environment in which the company operates The…

A: CONTROL RISK IS THE LIKELIHOOD THAT A MATERIAL MISSTATEMENT WOULD NOT BE CAUGHT BY THE CLIENT'S…

Q: must prove against the defendant under the negligence doctrine of product liability. Is everyone in…

A: PRODUCT LIABILITY: NEGLIGENCE…

Q: Discuss the reasons why some issues that confront a buyer are often not clear from an ethical…

A: Buyer are the people that determine what products get to store shelves, in catalogues, and online.…

Q: Discuss whether the following items would meet the definition of a liability using the criteria…

A: The abbreviation for international financial reporting standards is International Financial…

Q: How could technology impact the audit space?

A: Auditing is not solely based on collection of data. It also include      analysis and…

Q: Our strict safety policy forbids us from renting power equipment to anyone who cannot demonstrate…

A: Given: The perspective of the audience emphasizing sentence is given.

Q: When is the timing of substantive procedures most flexible? O detection risk is assessed as low O…

A: Substantive procedure refers to a process performed by the auditor in order to detect the material…

Q: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the…

A: PFRS 17 governs insurance contracts. When the insured event occurs, the policy holder (who insures…

Q: 19. Which of the following would be least likely to address control over the initiation and…

A: Equipment: It refers to a capital investment in the purchase of plant and machinery or any other…

Q: An exporter got an order of face masks based on L/C. By preparing the cargo, he found the packing…

A: A letter of credit, sometimes known as a "credit letter," is an assurance from a bank that a buyer's…

Q: The risk of damages in the life of a machine component can be eliminated by using collective…

A: Collective measures are called collective because they protect more than one person. They protect a…

Q: Which of the following is NOT true of a turn- around document? a. They may reduce the number of…

A:

Q: The management of an organisation with a remote workforce is concerned that employees are clocking…

A: Definition:   Internal control: Internal control involves the norms and rules which is followed by…

Q: Inspector expenses and other expenses that are designed to ensure quality or uncover defects are…

A: Company starts processing of work after some planning of costs, revenue or processes to be followed.…

Q: One of the restaurant in Sohar operates in a space designated for a retail store and does not follow…

A: Answer:  example of social opposition.

Q: Piracy, however, is the direct copy of a company’s product and is unethical. Piracy is most…

A: American Marketing Association (AMA) in its code of conduct defines the standard of behavior  that…

Q: When it comes to a manufacturer who is negligently manufacture goods, a. only the consumer who…

A: The consumers expect the day to day products to be safe and harmless. If their is any negligence in…

Q: How does the lack of regulations or related laws affect compliance with the best ethical practices…

A: Compliance means adhering to the law, state laws, federal laws, international laws Ethics means…

Q: Workers at Al Madar company have raised a complaint against the management that they are not…

A: Conflict of Interest is a situation where employee put his own interest before its employers or he…

Classification Of Risk

Risk means when there could be a possibility that the returns expected from a particular project or investment may or may not match the investor's expectations. In other words, the uncertainty of an income arising from a source that would either be lower than expected or result in losses in risk exposure of the project. The higher the risk involved, the higher is the return expected by the investor as the investor is exposed to a high level of risk. There are various methods by which different types of risk can be assessed and avoided or mitigated.