Segregation of duties would be inappropriate to control to ensure: a. Reliability and integrity of information. b. Compliance with policies, plans, procedures, laws, and regulations. C. Safeguarding of assets. d. Effectiveness and efficiency of operations.
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- 1. Which of the following statements correctly describes why internal auditors are well positioned to coach management on responding to risk? a. Internal audit may have been responsible for identifying the management's current response to risk is an area of weakness within the risk management framework b. Internal audit's analytical training and audit experience enable it to find solutions for weak systems or controls c. Internal audit has appropriate experience and skill set in governance and risk management to teach management about the areas in ERM that are not working and need improvement d. Internal auditors are accustomed to dealing with confidential matters and thus provide a safe environment in which a client can talk about all matters of concern without fear of repercussion 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external…Which of the following best describes the difference between financial accounting and tax accounting? Financial accounting is what managers use for internal, decision making purposes while tax accounting is used for creditors, investors, and the general public. They are both used for income tax reporting purposes, and they are both required by the SEC to be issued and made public so that they can be used by creditors, investors, and the general public Financial accounting is used for income tax reporting purposes and tax accounting is used by managers for internal, decision making purposes. Financial accounting is used by creditors, investors, and the general public, while tax accounting is used for income tax reporting purposes None of these answers is correct. In comparison to the external auditor, an internal auditor is more likely to be concerned with(1) internal administrative control.(2) cost accounting procedures.(3) operational auditing.(4) internal control.
- The following questions concern audit reports other thanunqualified audit reports with standard wording. Choose the best response.a. The annual audit of Midwestern Manufacturing revealed that sales were accidentallybeing recorded as revenue when the goods were ordered, instead of when they wereshipped. Assuming the amount in question is material and the client is unwilling tocorrect the error, the CPA should issue:(1) an unqualified opinion or adverse opinion.(2) a qualified “except for” opinion or disclaimer of opinion.(3) a qualified “except for” opinion or adverse opinion.(4) an unqualified opinion with an explanatory paragraphWhich of the following best describes the operational audit?(1) It requires the constant review by internal auditors of the administrative controls as they relate to the operations of the company.(2) It concentrates on implementing financial and accounting control in a newlyorganized company.(3) It attempts and is designed to verify the fair presentation of a company’s resultsof operations.(4) It concentrates on seeking aspects of operations in which waste could be reducedby the introduction of controls.The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.
- 2. As a part of the planning process, auditors develop an audit strategy, an audit plan, and a time budget. a. Describe an audit strategy and explain its purpose. b. Describe an audit plan and explain its purpose. c. Describe a time budget and explain its purpose.10 Examine the following options which explain the objective of financial statements? a. They assist stakeholders to know operating performance, financial position, and cash flows of the entity b. They are useful in fixation of the price of the products c. They are prepared by using different methods for ascertainment of cost. d. They are prepared by using different techniques for control of cost. Clear my choice ◀︎ AnnouncementsPLEASE ANSWER ALL 1. Reactions to information provided by management control system are:a. Formulated in the organization’s strategic plan.b. Judgmental, and are based on interpretations and circumstances.c. Assessed by the communication network of the MCS.d. Determined as those activities that will be most efficient and effective given the organization’s available technology. 2. A management accounting system should provide information to:a. All functional areas of the organization.b. Only accounting area of the organization.c. Only the production area of the organization.d. Organizational managers, but not to staff personnel. 3. Which of the following is not primary goal of a cost management system?a. Use cost drivers to develop product costs.b. Improve understanding of the activities.c. Develop organizational strategies.d. Measure performance.
- 5. The concept of confidentiality applies to which of the following? a. All data and information systems b. Automated paper and verbal communications c. Clinical,financial and business records d. a and c e. All of the aboveSubject accounting information system.. answer in long explain 4. What are the characteristics of good or useful information? 5. What are the levels of data hierarchy ? 6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function.19. Which of the following is not a key activity that internal audit can engage in facilitating risk identification and evaluation with a management group? a. Asking the group to spontaneously come up with any risks that may exist b. Gathering data from other industry groups or from leading metrics c. Distributing a set of questions in advance to draw input from the group anonymously d. Creating a risk checklist and distributing it to the group members for ranking