Why is 3,4,9 wrong in this
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Why is 3,4,9 wrong in this
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Adequate documents and records Checks on recorded amounts...
Scoring: Your score will be based on the number of correct matches. There is no penalty...
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Exercise 4-40 Internal Control Terminology A list of terms and another list of definitions and examples are presented below. Match the directly related definition or example with the each term. Required: Clear All Accounting controls Adequate documents and records Checks on recorded amounts Effective personnel policies Internal control structure Safeguards over assets and records Segregation of duties Company policy...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company Inc. wrote checks in the amount of June, checks in the amount of $38,000 were written. In May, $25.000 were presented to the bank for payment, and $33,000 in June. What is the am outstanding checks at the end of May? A) $3,000 B) $5,000 C) $8,000 D) $10,000 33. Cash equivalents include each of the following except A) bank certificates of deposit. B)...
is/are an example of a detective control. 7) A) Physical access controls B) Encryption C) Emergency...
is/are an example of a detective control. 7) A) Physical access controls B) Encryption C) Emergency response teanms D) Log analysis of both 8) COBIT S management practice APO01.08 stresses the importance of employee compliance with the organization's information security policies and overall performance of business processes A) continuous improvement of B) continuous reviewing C) continuous monitoring D) continuous auditing 9) Which of the following is not a requirement of effective passwords? A) Passwords should be changed at regular intervals...
_________Clearly defined authority and responsibility _________Segregation of duties ________Adeq...
_________Clearly defined authority and responsibility _________Segregation of duties ________Adequate documents and records ______Safeguards over assets and records _____Checks on recorded amounts A. One employee or department should verify the work of another to determine that amounts are correct and that the correspond to properly authorized activites. An example would be to prepare a bank reconciliation. B. Specific approval is given by management for the performance of activities. C. Initial entry into the accounting system should be from a consistent source...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of p...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
internal project 1 anything helps! thank you!! Instructions: Study the case that starts on page 3...
internal project 1
anything helps! thank you!!
Instructions: Study the case that starts on page 3 carefully. Then write concise answers to the following questions regarding the internal control system of Duarf, Inc. Clearly label your responses with proper headings and subheadings. Be very specific and precise. Answers that appear to be beating around the bush will not get any credit. 1. What are the controls in place that under normal conditions should function well to prevent embezzlements or frauds?...
Please list 5 inherent risk related items the assignment requires to list 5 inherent risks from...
Please list 5 inherent risk related items
the
assignment requires to list 5 inherent risks from the description
of the company that an auditor may take when deciding to accept
this new client.
Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Description of Southwest Appliance, Inc. History and Corporate Structure Southwest Appliances, Inc. specializes in supplying a relatively small line of high-quality household appliances to residential construction contractors in a large and growing metropolitan area. Southwest has a large...
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business....
The discussion: 150 -200 words. Auditing We know that computer security audits are important in business. However, let’s think about the types of audits that need to be performed and the frequency of these audits. Create a timeline that occurs during the fiscal year of audits that should occur and “who” should conduct the audits? Are they internal individuals, system administrators, internal accountants, external accountants, or others? Let me start you: (my timeline is wrong but you should use some...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...
ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company Inc. wrote checks in the amount of June, checks in the amount of $38,000 were written. In May, $25.000 were presented to the bank for payment, and $33,000 in June. What is the am outstanding checks at the end of May? A) $3,000 B) $5,000 C) $8,000 D) $10,000 33. Cash equivalents include each of the following except A) bank certificates of deposit. B)...
is/are an example of a detective control. 7) A) Physical access controls B) Encryption C) Emergency response teanms D) Log analysis of both 8) COBIT S management practice APO01.08 stresses the importance of employee compliance with the organization's information security policies and overall performance of business processes A) continuous improvement of B) continuous reviewing C) continuous monitoring D) continuous auditing 9) Which of the following is not a requirement of effective passwords? A) Passwords should be changed at regular intervals...
can contain vi XPIRED Most of the features of Word have been disabled. Reactivate exceeding benefits is premised on the concept of absolute assurance. d. 29). A voucher system is a series of prescribed control procedures a. to check the credit worthiness of customers. b. designed to assure that disbursements by check are proper. c. which eliminates the need for a sales journal d. specifically designed for small firms who may not have checking accounts. 30). Under a voucher system,...
internal project 1
anything helps! thank you!!
Instructions: Study the case that starts on page 3 carefully. Then write concise answers to the following questions regarding the internal control system of Duarf, Inc. Clearly label your responses with proper headings and subheadings. Be very specific and precise. Answers that appear to be beating around the bush will not get any credit. 1. What are the controls in place that under normal conditions should function well to prevent embezzlements or frauds?...
Please list 5 inherent risk related items
the
assignment requires to list 5 inherent risks from the description
of the company that an auditor may take when deciding to accept
this new client.
Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Description of Southwest Appliance, Inc. History and Corporate Structure Southwest Appliances, Inc. specializes in supplying a relatively small line of high-quality household appliances to residential construction contractors in a large and growing metropolitan area. Southwest has a large...
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