Which of the following is NOT included in the concept of internal control? O entity's resources O entity's processes O entity's culture O entity's external auditors

Q: what are some examples of internal controls? How are internal controls related to the Sarbanes-Oxley…

A: Internal Control: In an organization, internal control is a procedure carried out by the entity's…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: No. 2. What are the similarities and differences between external auditors and internal auditors

A: Auditors have very important roles to play in the accounting and auditors may be external or…

Q: What are the challenges and risks associated with implementing control procedures in accounting, and…

A: Control procedures in accounting refer to a set of policies, processes, and measures implemented by…

Q: roles of internal auditors and external/independent auditor

A: SOLUTION-   INTERNAL AUDITOR- IT IS A TRAINED PROFESSIONAL TASKED WITH PROVIDING INDEPENDENT AND…

Q: Which of the following is not an element of internal control?   A) Only promoting from within. B)…

A: Internal control is the process to keep the information organized, reduce errors and improves…

Q: What is management's responsibilities for reporting internal control under Section 404 Sarbanes…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: Discuss the differences between management letter and legal representation letter

A: Definition:   Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: What are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

Q: Both management's responsibility and the auditor's opinion on internal controls are stated in the…

A: False. The management's responsibility for internal control and the auditor's opinion on internal…

Q: Discuss how the process of obtaining IT audit evidence is inherently different than it is in a…

A:

Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…

A: a) Segregation of duties refers to the delegation of various duties to different employees to…

Q: Which of the following principles of internal control relates to having prenumbered documents? O…

A: The correct answer is "Documentation procedures." This principle of internal control relates to…

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: The internal control of an organization is made up of O control of the environment. O all of these.…

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

Q: What are management’s responsibilities related to maintaining a transaction trail?

A: A transaction tail defines the sequence of evidences which helps in reconstruction of transaction…

Q: Discuss what internal control is in audit and assurance in depth.

A: Internal Control is a set of policies, procedures, and processes designed by an organization to…

Q: A company uses job-order costing with manufacturing overhead (MOH) applied on the basis of machine…

A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: What are management’s and auditors’ respective responsibilities regarding internal control?

A: Internal control: Internal controls are set by management. it is important to understand that…

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: entity's control environment.

A: Control environment is a component of internal control system.

Q: Briefly explain the threats to an external auditor’s independence with examples.

A: Auditor:Auditor can be defined as the individual who carry out the process of auditing in the…

Q: What types of controls are in place to protect data (such as company information or customer…

A: There are many controls which can be put to protect the data as these are very confidential and they…

Q: What are advantages of internal public audit?

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

Q: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

Q: Discuss the importance of internal controls in accounting and provide examples of effective control…

A: Internal controls refer to the policies, procedures, and practices implemented within an…

Q: Which of the following represents two management functions? Regulating and directing O Controlling…

A: Management functions are a set of activities and processes that are essential for effective…

Q: Entity-level controls support broad organizational objectives while direct controls support…

A: Under the transactional approach this is all about the status the leaders who are involved in such…