Internal auditors are responsible for:   A) Issuing a certification report on the internal controls. B) Auditing the financial statements. C) The day-to-day monitoring of internal controls. D) Preparation of the financial statements.

Who has primary responsibility for overseeing the establishment, implementation, and evaluation of risk management and controls? I Operating managers. B) Internal auditors. External auditors. Senior management

Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall internal control of a company, the auditor first needs to consider the elements of the control environment. To assist the auditor in assessing the level of control risk, the following tests of controls were designed to allow the auditor to determine if the company’s related controls were operating effectively in the revenue cycle.         Determine which of the four management assertion(s) apply to each individual sales (revenue) control being discussed. Hint: many have more than one assertion. Management Assertions: Existence & Occurrence, Rights, Completeness, Valuation    5. The computer assigns a number to every sales invoice. Which management assertions apply to this control?                                  6. Input validation checks (application controls) are applied to every bill to ensure the accuracy of the billing process. Which management assertions apply to this control?…