Which of the following is NOT an example of a significant deficiency in internal control?

Q: What are the objectives of the internal control?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What are the key limitations of an internal control system?

A: Internal Control: A mechanism to maintain the goals of an entity in terms of organizational…

Q: In the consideration of internal control, the operating effectiveness of controls is tested by:…

A: internal controls -    internal controls are the policies and procedures laid down by the management…

Q: "hich of the following is not a principle ôf internal Control?

A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…

Q: According to COSO, one of the most important control activities is the segregation of incompatible…

A: Separation of duties refers to the means through which no single or individual person has sole…

Q: Why are weaknesses (lack of desired control procedures) not tested for compliance? Describe how…

A: Test for Compliance Procedures are merely tests that are designed to obtain reasonable assurance…

Q: What are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

Q: Must the overall understanding of internal control always be followed by assessment and…

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Why an internal control system can only provide reasonable assurance on the achievement of an…

A: Internal Control is the process designed, implemented and maintained by those  charged with…

Q: What rules or policies should be developed to avoid ethical fraud issues?

A: Accounting Fraud:   Intentional manipulation of financial statement to create false financial heath…

Q: Which of the following is not part of the control process? a) Monitoring of actual activity b)…

A: Control Process Control process begins after the planning function is done Controlling basically…

Q: Which of the following is not true concerning control activities? a.Control procedures is another…

A: Control activities relate to those activities designed to reduce the chances of risk and failure…

Q: For the given scenario, identify the weakness or weaknesses in internal control and opposite the…

A: Internal control is a process, performed by a board of directors of business, management and other…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: How does the Sarbanes-Oxley Act relate to internal controls?

A: Sarbanes-Oxley act was formed in 2002. It was made to restrict the fraudulent financial reporting.…

Q: True or False Segregation of duties is one of the categories of control activities.

A:

Q: Which of the following is not one of the components of internal control according to the framework?…

A: Internal control means the way to doing the work and reducing the risk to any loss. Sound internal…

Q: What two types of exposures can close supervision of the receiving department reduce?

A:

Q: Give an explanation about this statement: Why does control or internal control fails?

A: Internal control refers to the process of implementing and exercising the various mechanisms, rules,…

Q: Which of the following is FALSE regarding advantages and disadvantages of the SML or CAPM?

A: The following statements are true: The model relies on the past to predict the future, which is not…

Q: Whether the act of overstating in revenue is considered and classified to be a significant risk.…

A: Revenue: Revenue is income earned by a firm selling its goods and services to other parties. The…

Q: In the absence of protocols, networks would be unusable. Describe the significance of these…

A: Answer: Concept: Network can be defined as the connection of devices sharing data provided under…

Q: Which of the following items is an example of an inherent limitation in an intrnal control system?…

A: Internal control defined as the process designed,implemented and maintained by management,those…

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: What is a Control Deficiency?

A:

Q: 17) A control deficiency is always considered material weakness and PCAOB requires the auditors…

A: Deficiency - There are two deficiencies - a. Control Deficiencyb. Significant Deficiency

Q: Describe some limitations of internal conrol systems. Why do limititations on internal control…

A: Please find the answer to the above questions below:

Q: a. Identify the internal control weaknesses in this system. b. Describe the uncontrolled risks that…

A: Internal Control Weaknesses:   Internal control weaknesses can be defined as the lack of the…

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

A:

Q: Which one of the following statements is most appropriate to Control risk? Susceptibility of account…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Describe how the nature of evidence used to evaluate the controlenvironment differs from the nature…

A:

Q: What is required in an examination of Internal Control under Sarbanes-Oxley?

A: As per Sarbanes Oxley Act,all publicly traded companies need to establish the internal controls for…

Q: Why is sanctions compliance important?

A: Financial institutions are the institutions or organizations which act as the intermediaries of the…

Q: The quality of the environment in which internal control operates has a pervasive effect on many…

A: Concept Pervasive effect               Pervasive effect means that the effect is spread to most of…

Q: egarding materiality, both amount and nature of misstatements should be considered. One of the…

A: solution: Regarding materiality, both amount and nature of misstatements should be considered. True…

Q: Explain why monitoring alone cannot completely eliminate the agency costs

A: The costs incurred as a result of conflict of interest between company and its stakeholders is known…

Q: The objectives of internal control are to

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the risk of assessing Control Risk too high?

A: Control risk refers to the probability of financial statements that were considered wrongly stated…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…

Q: Do you believe the internal audit activity should be independent? Explain.

A: