What forms of protection and regulation do regulators of FI's impose to ensure their safety and soundness?

Q: What does the Good internal control helps ensure?

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Q: Why is the concept of independence such an internal part of AICPA Code?

A: AICPA is American Institute of Certified Public Accountants, which is the leading organisation and…

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: Would immediate public disclosure of such vulnerabilities be a good best practice?

A: To begin with, immediately disclosing a weakness is a good practice since it allows users to protect…

Q: What are advantages of external public audit?

A: External audit relates to the examination of financial records in connection with the financial…

Q: What is the basic relationship between the effectiveness of the client’s internal control and the…

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Q: What penalties can be imposed by the AICPA and the state societies on CPAs in their “selfregulation”…

A: American Institute of Certified Public Accountants: American Institute of Certified Public…

Q: Which of the following i not an element of internal control?A. Control environmentB. MonitoringC.…

A: Internal control can be defined as the process of persuading the objectives of the organization such…

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: What do you think is meant by the term ethical auditing with respect to the principles and rules of…

A: American Institute of Certified Public Accountants (AICPA): It is an association of certified…

Q: Which of the following proposes actions would clearly present an ethical dilemma to the company and…

A: IMA Standards: To help management personnel there are some principles and standards that have been…

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 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: Who are the CPAs who encounter Ethical Dilemmas?

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Do you believe that self- regulation is more or less effective than governmental regulatory…

A: Regulatory forces in the marketing condition that rely upon different government administrative…

Q: Identify all major assumptions of the CAPM, how they can be violated, and the implications of these…

A: Capital Asset Pricing Model (CAPM) was developed by Willian F. Sharpe and John Linter keeping in…

Q: Which of the following would be an example of a reasonable assurance engagement?

A: The audit is done in order to review the financial statement and finds the errors and misstatement…

Q: What is the conclusion of accountability and transparency in terms of policing?

A: Accountability  in terms of policing.  Police accountability ensures that officers can work together…

Q: What are the Safeguards to independence?

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Q: Why is professional judgment important in accouting?

A: Professional judgement means the experience gained by a professional through training and continuous…

Q: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: Should standards be used to identify whom to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: reporting of control procedures required

A: There are few reasons why control measures are required in reporting. Some of them are as below.

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What type of internal control is establishing a code of ethics?

A: A code of ethics contains the principles and procedures guiding people to act in desired manner…

Q: Should standards be used to identify who to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: Briefly describe the NBBO and the order protection rule. Whatregulation implemented them?

A: NBBO is a securities exchange commission regulation that requires brokers to trade at the best…

Q: What is a whistleblower?

A: A whistleblower anybody who has insider info of the criminal behavior taking place in an…

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: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: discuss in detail the possible remedies for unethical conduct that governments can implement to…

A: Introduction: Unethical behavior is described as behaviors that violate societal norms or are seen…

Q: What is the concept of reasonable assurance? What are the key limitations of an internal…

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Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: In what ways does the IASB differ from the IASC?

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Q: threats

A: Ans. An auditor has to follow certain ethical standards like objectivity, integrity,…

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: Distinguish between ethical issues and legal issues.

A: Definition:   Ethics: Ethics are moral obligations that are enforced by society or personal beliefs.…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…