why do internal audit activity needs to document purposed,authority, and responsibility?
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The responsibility center in which the manager has responsibility and authority over revenues and costs, but not assets, is the Multiple Choice revenue center investment center, profit center. cost center The minimum required rate of return for a project is the: Multiple Choice Ο accounting rate of return. Ο hurdle rate. Ο annual rate of return. Ο internal rate of return.
Q90 Write an essay of 1000+ words on the topic ‘Authority and Responsibility’. [8 Marks] VERY IMPORTANT: NO PLAGIARISM IN THE ANSWER. DO NOT WRITE THE ANSWER - USE WORD FORMAT. WORD COUNT NEEDS TO BE 1000+
What are the skills set and staffing needs of an internal of an internal audit activity? What is the internal audit ‘s role in preventing, detecting, and investigating fraud? What services can internal auditors provide for the audit committee? What should be reporting lines for the CAE? What Standards guide the work of internal audit professional? Why should an organization have an audit committee?
Interpret the authority and responsibility associated with a health care facility’s organizational structure Organizational Chart An organizational chart illustrates formal relationships among departments. It also depicts lines of authority within a department or between a department manager and facility administration. This assignment will familiarize you with the creation of an organizational chart. View the example of an hospital organizational chart in your textbook (Figure 1-2, page 18). Instructions: 1. Review the following case scenario, which depicts the organizational structure of...
ERM specialists should not have the authority and responsibility to both identify specific enterprise risks and actually help implement corrective actions to minimize those identified risks. T/F An enterprise risk function generally should be a corporate-level function with authority covering the entire enterprise. T/F A Risk Assessment Review (RAR) is designed to improve on the risk environment and enhance internal controls. T/F After existing in a published draft form for some time, the Committee of Sponsoring Organizations’ enterprise risk management...
UUTINI ate.. QUESTION 16 A responsibility center in which the authority over and responsibility for costs and revenues is vested in the department manager is termed a profit center. True False QUESTION 17 The minimum amount of desired divisional income from operations is set by top management by establishing a minimum rate of return considered acceptable for invested assets. True False QUESTION 18 Service department charges are similar to the expenses of a profit center that purchased services from a...
Why is the employee not given the responsibility to grant the loan? AIP 5.3 Separation of Duties LO 1 In a bank, the employee interacting with someone seeking a loan does not have the authority to grant the loan. Why is the employee not given the responsibility to grant the loan
Each statement describes a responsibility of an auditor. Select from the option list provided the type of responsibility each imposes on the auditor. Each choice may be used once, more than once, or not at all. Statement Type of responsibility 1. The auditor should document the evidence obtained in the audit. 2. The auditor must be independent. 3. The auditor should test management's assertions relating to the financial statements. 4. The auditor may make suggestions about the form or content...
Assignment Details The decision-making authority assigned to managers within the different responsibility centers (cost, profit and investment) will differ based on the type of center because the role of management’s responsibilities also differs. Therefore, the accounting information required for planning, control, and performance evaluation differs according to the nature of these responsibilities. In 400-600 words address the following: Distinguish among a cost center, a profit center, and an investment center. Provide an example of each for a multi-hospital corporation. What...
True Or False 10. Management has the responsibility of adopting sound accounting policies and development of prudent judgements and estimates. 11. The audit committee's responsibility is one of oversight and monitoring. 12. One of the auditor's responsibilities is to establish and maintain the client's internal control system. 13. Client management appoint, approve, and review external audit function. 14. The Finarſcial Accounting Standards Board develop accounting standards for public and nonpublic companies. 15. The AICPA issues the CPA certificates.