What is monitoring? Identify the two major types of monitoring and explain how they could be used by management. I.Ongoing Evaluation II.Separate Evaluations
Q: Independent auditing can best be described as(1) a branch of accounting.(2) a discipline that…
A: Independent auditing can be described as the examination of the business transactions, accounts,…
Q: Ann Donnelly is a senior audit manager in an East Coast office ofa public accounting firm. Her…
A: A. Recognize the Issue: Assemble as much important data as conceivable. Conversation to the parties…
Q: The following questions concern audit reports other thanunqualified audit reports with standard…
A: An audit report is described as a form of appraisal of a business and its entire financial status.…
Q: Which of the following job responsibility may not be a in the career of an employee under corporate…
A: Almost all organizations possess a definite organizational structure. The organizational structure…
Q: Recommend THREE (3) audit procedures which can be performed to prevent external auditor's reliance…
A: In day to day language audit means inspection. In an organisation it means inspection of accounts.…
Q: Many people believe that a CPA cannot be truly independent whenpayment of fees is dependent on the…
A: Certified Public Accountant (CPA) is described as an accounting professional that is responsible for…
Q: This next question will be more opinion-based. What is an Enrolled Agent (EA) and what is a CPA?…
A: An listed agent could be a tax adviser and Federal e authorized tax professional person recognized…
Q: In preparing for an integrated report, and the cost outweigh the benefit, can still integrated…
A: An integrated report is a succinct correspondence regarding how an association's procedure,…
Q: Which of the following statements is/are true? Statement I. Management should lessen hiring working…
A: Shelly is working with Air Clean and Safe Express as an internal audit manager. The company deals in…
Q: What is meant by public interest of an auditor? Do we find the auditors — Arthur Anderson, serving…
A: The accounting calling's activities to add the public interest take various structures, including…
Q: What is Special Reports in management reporting? Give an example on how to make special report
A: In an organization, the structure, culture, framework, and design play key roles in determining the…
Q: Explain the differences and similarities between financial statements, compliance and operational…
A: Financial statements represent the entity financial information. An operation audit is done to check…
Q: Which of the following is NOT true regarding agency costs and agency problems? Group of answer…
A: A principal may incur agency expenditures as a result of the agency problem. They include the…
Q: 1-Investment requires special skills of analyzing and getting insights by creating a linkage between…
A: : Operations is an important base for every organization, whether in manufacturing, service, or…
Q: the function of audit committee. 1. Monitoring Financial Activities 2. Responsibility towards…
A: Audit Committee: An audit committee is one of the major operating committees of a company's board of…
Q: Identify the types of auditreports that can be issued whenan unqualified opinion is notjustified
A: There are four types of audit reports: and unqualified opinion, a qualified opinion, and adverse…
Q: Describe the functions of the department and their duties and responsibilities. Note: Answer only…
A: The top management is held responsible for any sort of issues that arise in a firm. Hence, the top…
Q: Please solve all questions. You are the manager responsible for the audit of Kicap Manis Berhad, a…
A: The availability of personal protective equipment (PPE) and their consistent, proper use by…
Q: 39. __________________is an act of willfully making misrepresentation of financial information to…
A: Fraud is an act of willfully making misrepresentation of financial information to deceiveothers.
Q: The overall objectives of the auditor, in conducting an audit of financial staternents, are to…
A: Fraud is a deceptive action that is taken intentionally for unlawful gain or to deny a right to a…
Q: What is the meaning of the auditing standard that requires the auditor be independent?(1) The…
A: Auditor being independent means that they should have no links or relations with the client or…
Q: 2. What fundamental ethical principles for accountants are most applicable and is there an apparent…
A: Fundamental ethics principles are those moral principles as well as standards which are set through…
Q: In 1999, GASB Statement No. 34 introduced a new reporting model for state and local governments. The…
A: A nonprofit organization can be defined as the organization that is operating in the market for…
Q: Jane has just been hired as the head of the Payroll Department at R&S Electronics Service Company, a…
A: Ans// There are several issues which are unfair as per the employee's point of view. Eddie gives…
Q: 45-Who among the following are secondarily responsible for prevention and detection of frauds? O a.…
A: Fraud is an intentional act of conduct done with a motive to cheat or use of false or misleading…
Q: Upon completion of his master's degree, Khalifa asked his boss for a raise. The boss clarified that…
A: The process of conveying the message or views to the other person is termed as communication.…
Q: Conclusion about Internal Auditors versus External Auditors: Who are the better advocates for Good…
A: Meaning of Auditing:- Audit suggests a cycle of autonomous checking of monetary records of an…
Q: You were hired as an internal auditor of PLDTHREE Corporation, the fast- enough internet service…
A: One of the major tasks in front of the companies is to notice, inspect and avoid employee fraud.…
Q: You are a CPA and have accepted a new client for an audit engagement. You come to realize that the…
A: Note- Hi! Thank you for the question As per the honour code, We’ll answer the first question since…
Q: Internal audit
A: The internal audit carries out an independent risk assessment and analyses possible threats…
Q: Due to the possibility of serious misstatements as a result of fraud (fraud risk), an audit of…
A: The risk of fraud is the slight chance that balance sheets contain significant errors which were not…
Q: Why did Khalifa fail to communicate with his employees ? Explain
A: Khalifa was eager to have a raise in salary after the completion of his master's degree. He was…
Q: Evaluate how a material disclosure of environmental, social, and governance (ESG) can serve as a…
A: Corporate Governance Corporate governance is a set of rules, regulations, and procedures that…
Q: Make a graphic organizer on the responsibilities and accountabilities of entrepreneurs to: (a)…
A: An entrepreneur is a term that refers to a person who establishes, operates, and manages business…
Q: Evaluate the following comment by an auditor: “My job isto determine whether the payroll records are…
A: An auditor is someone or an organization appointed by a business enterprise to execute an audit. To…
Q: Management in today’s corporate world has developed a habit of acting on their own interest rather…
A: Yes Mr. Ama Yaw is correct in keeping an opinion that the auditor review towards the financial…
Q: Dell Company, a CPA firm, conducted an audit for the 2020 financial statements of Perla Corporation.…
A: Fraud, by its very nature, is deliberately hidden, and is therefore harder for auditors to spot than…
Q: Explain different actions in relation to the seizure of materials from a crime scene. Conduct and…
A: Evidence is the facts available in the situation to determine the truthfulness or falseness of the…
Q: The following data was gathered during one of the recent audits of Cash Disbursement Section. One of…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: A bookkeeper tried for several years to expose fraud in the organization’s accounting department,…
A: Reporting frauds occurring in the organization is an essential and daring task in any workplace.
Q: Sarah O’Hann enjoyed taking her first auditing course as part of herundergraduate accounting…
A: Ans 1: The prime intention of the audit is nothing but to enabling the auditors to express the…
2. How might management and internal auditors assess each one of the following?
I. The independence and competence of the board of directors
II.The competence of accounting personnel
III.Whether company employees are adhering to the company’s code of conduct
3. What is monitoring? Identify the two major types of monitoring and explain how they could be used by management.
I.Ongoing Evaluation
II.Separate Evaluations
PLEASE NO PLAGIARISM. I WILL GIVE UPVOTES AND COMMENTS. THANKS!
Step by step
Solved in 2 steps
- Which of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only d) , e) and f) All a) , b) , c) , d) and e) Only b) and c) Only bWhat is the meaning of the auditing standard that requires the auditor be independent?(1) The auditor must be without bias with respect to the client under audit.(2) The auditor must adopt a critical attitude during the audit.(3) The auditor’s sole obligation is to third parties.(4) The auditor may have a direct ownership interest in the client’s business if it isnot material.5. Shelly is an internal audit manager of Air Clean and Safe Express, Inc., a publicly listed company, which provides general air conditioner cleaning and maintenance services to its industrial and residential customers. This will be the first time that the company will be audited. Thus, Shelly does not have any previous working file to review. Shelly recently conducted a preliminary interview with Mr. Norvs Gorgeous, who along with his sister, Ms. May Gorgeous owns the company. Interview with Auditee (Independent Situation) Shelly: And how about your accounting department? How big is it, and who oversees the accounting process? Norvs: The accounting department of the Company consists of five part-time clerks, including the two encoders, who are all paid weekly. Most of them are working students taking accountancy or business-related course. Red trains all new accounting help when they are first hired. Typically, they stay on with us until they graduate which usually covers two…
- The following data was gathered during one of the recent audits of Cash Disbursement Section. One of the findings was on the outdated Delegation of Authority to policy. In preparing a report of the findings, identify the elements of an audit findings for each data (in order). 1. The delegation authority is updated biannually and not when changes in personnel or responsibilities of authorized individuals occur. 2. The delegation of authority policy list three individuals who are no longer with the company. Additionally, four individuals were identified who are new in their positions that should have disbursement authority, but are not listed in the policy. 3. Disbursements may be made that are not in accordance with management's or BOD's direction. 4. Authority over the disbursement of funds should only be delegated to individuals whose responsibility justify such authority. O Cause, Effect, Condition, Criteria O Condition, Effect, Cause, Criteria O Cause, Condition, Effect,…Enumeration 9 to 10: Give at least 2 routine corporate actions that requires shareholder’s approval under the Anglo-US model of corporate governance. 11 to 14: Examples of abuses when the same person is the chairman of the board and the chief executive officer. 15 to 16 The two boards prescribed under the German model of corporate governancea) List the parts of a formal report and explain any 2. b) Differentiate between a memo and a circular.
- 1.The most essential part of securing venture capital funding is undergoing through ________, which refers to the process of investigating the merits of a potential venture and reviewing the key claims made by the business plan.a. fit diligenceb. due diligencec. prior diligenced. appropriate diligence2.The unique value provided by business angels is:a. they normally invest capital but may not sit on a company's board of directors.b. they are willing to invest a relatively small amount of money.c. they expect a low rate of return on their investment.d. they are willing to invest a significant amount of money.3.Which statement with respect to business angels is not correct?a. Business angels are beneficial because they are eager to make modest investments.b. In an annual basis, business angels invest in more startups than venture capitalists.c. Over the past decade, the number of angel investors has plummeted sharply.d. Business angels usually serve on the boards of directors of the…Which of the statements-relatedto stakeholder conflict in businessis FALSE? A. Stakeholders are those who own the business and they may have differences in opinions on the direction of the business.B. Agency conflict is present when the agent does not act in accordance to the expectations of the principal.C. An example of an agent is the board of directors who represents the numerous stockholders.D. Rank and file employees may prioritize achieving the identified performance measures to obtain additional financial compensation but in doing so, may cause concerns to other employees and departments.45-Who among the following are secondarily responsible for prevention and detection of frauds? O a. All the options b. Nomination committee is secondarily responsible for prevention and detection of fraud O C. Auditor is secondarily responsible for prevention and detection of fraud O d. Management is secondarily responsible for prevention and detection of fraud
- Required: a. Prepare a multiple-step income statement for the year ended December 31, 20Y5, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. “Less” or “ Add will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20Y5. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. If…Family Business Jane has just been hired as the head of the Payroll Department at R&S Electronics Service Company, a firm of 75 employees. She was hired by Eddie, the General Manager of the company, who informed her of the need for maintaining strict confidentiality regarding employee salaries and pay scales. He also informed her that he fired the previous Payroll Department head for breaking that confidentiality by discussing employees’ salaries. She was also formally introduced to Brad, the owner, who told her to see him if she has any questions or problems. Both Brad and Eddie made her feel welcome. After three months of employment, Jane begins to wonder why Greg makes so much more in commissions than the other service technicians. She assumes that he must be highly qualified and must work rapidly because she has overheard Brad commending Greg on his performance on several occasions. She has also noticed Brad, Eddie, and Greg having lunch together frequently. One day, Eddie…The Board of ABC, a large drinks manufacturer, decided to set up an internal audit function. The proposal was appointing an internal auditor at mid-management level who would report directly to the finance director. ABC had recently expanded its product range, and this had created the need for greater control over internal activities. The need was highlighted by a recent event where internal quality checks were not carried out and thousands of units of production were wasted as a result. The board discussed whether to promote internally or appoint the new internal auditor from outside the company and they also expressed concerns over the authority the internal auditor may expect. Although they recognised the post as important, they believed too much authority might compromise the operational effectiveness of other departments. Required: a. Discuss the issues raised by the Board of ABC regarding the appointment of an internal auditor. In your discussion, recommend how the issues can be…