Answered: Which of the following is not a guiding…

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

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 12CYBK: Which one of the following components of internal control over financial reporting sets the tone for...

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Which of the following is not a guiding principle of financial regulation?

Question 3Answer

Innovation should be discouraged to ensure that financial products and services offered conform to the set rules and regulations.

Strict monitoring should be set up to ensure that international standards are met.

Prudence and effectiveness should be applied when using financial resources of a country.

Regulatory measures on the senior management of the financial institutions so as to ensure that decisions taken are in the best interest to the financial market.

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