Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 10, Problem 8RQ
To determine
Identify the role of control environment in creating a culture of integrity in an organization.
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How can board members and senior managers actually monitor and control ethical behavior in a company?
Corporate governance is the starting point to create an ethical organization. Corporate governance should provide the ethical expectations and serve as the watchdog.
Discuss measures that the governance board can put into place to establish ethical expectations.
Explain the relationship between corporate ethics and internal control.
Chapter 10 Solutions
Auditing And Assurance Services
Ch. 10 - Prob. 1RQCh. 10 - Define misappropriation of assets and give two...Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - Prob. 7RQCh. 10 - Prob. 8RQCh. 10 - Prob. 9RQCh. 10 - Prob. 10RQ
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- Which of the following makes for an effective control environment with regards to commitment to competence? Increase interaction between senior management and operating management. Its culture is one in which there is high commitment to ethical values and competence Assure independence from management. Reduce pressure to meet unrealistic performance targets.arrow_forwardWhich of the following is not a factor that influences a business's control environment? a.organizational structure b.personnel policies c.proofs and security measures d.management's philosophy and operating stylearrow_forwardThe foundation for building an ethical organisation is corporate governance. Governance should establish ethical standards and act as a watchdog. Examine how the governance board may put in place procedures to set ethical standards.arrow_forward
- A written code of ethics for a business would be most helpful to company employees when identifying ethical and unethical situations. evaluating alternative solutions to an unethical situation. identifying stakeholders in a business decision that requires ethical decision-making. O weighing the impact of business decisions on each company department.arrow_forwardAuditor conducts management interview as a part of evaluation of internal control a. To understand the mindset of business owners and other managers in the company b. To understand whether the employees are satisfied or not c. To understand the opinion of employees about the management d. To understand the opinion of employees about the companyarrow_forward1.Explain why businesses need ethics programs and list their minimum requirement. 2.Describe the role of codes of ethics in identifying key corporate risks. 3. Review the factors in successful ethics training and goals. 4.Explain the ways ethical standards are monitored, audited, and enforced.arrow_forward
- Which of the following are correct regarding why management uses internal controls? (Check all that apply.) Multiple select question. Protect assets. Uphold company policies. Ensure reliable accounting. Reduce vendor payables. Increase revenues. Promote efficient operations.arrow_forwardExplain how business ethics relate to internal control.arrow_forwardWhat are the benefits to a company of maintaining and encouraging high ethicalstandards?arrow_forward
- Establishing effective controls minimizes waste, which lowers. costs and increases profits. Which objective of internal control is this statement referring to? O O о Safeguard assets Ensure accurate, reliable accounting records Promote operational efficiency Encourage employees to follow company policies I DON'T KNOW YETarrow_forwardAuditor conducts observation process as a part of evaluation of internal control a. To understand the mindset of business owners and other managers in the company. b. To understand why the owner created certain internal controls, and what the controls are for, c. To determine how close business owners and managers are to the company’s frontline operations. d. To focus attention on processes that are responsible for the majority of the company’s business production.arrow_forwardHow can accounting firms ensure independence and objectivity as part of their quality control procedures?arrow_forward
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