Homework Answers
Answers:
a Internal control is the process designed to ensure reliable finalcials reporting, effective and efficient operations and compliance with applicable laws and regulations. = True
b) Safegarding assets against theft and unauthorised use , acqulsition or desposal is not part of internal control system =False
c) The mechanics of internal control system do not vary from company to company =False
D) The Committee of Sponsoring Organizations (Coso) framework recognizes five interrelated components of internal control induding control environment, risk assessment, control activities, information and communication, and monitoring. =True
E.) Wherever possible, to function of authorization, recording. and custody of not should be performed by the same indivisual. =True
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Indicate whether each of the following statements regarding internal controls is true or false. 25 a)...
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer...
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer systems have eliminated the need for internal controls in business True or False True False
For the following terms find the correct definition below and place the letter of that response...
For the following terms find the correct definition below and place the letter of that response in the blank space next to the term. Each definition is used only once. A control procedure that reduces to practically zero the risk of an A. Val IT undetected error or irregularity B. detective controls A process whereby management identifies possible events that C. fidelity bond represent a problem to the firm and then identifies appropriate responses to those problems D. internal control...
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3....
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Performance reviews 4.3. Information-processing controls 4.3.1. IT general controls 4.3.2. IT application controls 4.3.3. IT-dependent manual controls 4.4 Physical controls 4.5 Segregation of duties 5. Monitoring Following is a list of controls implemented by Waterfront, Inc. a. Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. b. Waterfront's...
(TCO H) Audit risk consists of inherent risk, control risk, and detection risk. (a) Please completely define each of the above. (b) Indicate whether each of the statements below is true or false and e...
(TCO H) Audit risk consists of inherent risk, control risk, and detection risk. (a) Please completely define each of the above. (b) Indicate whether each of the statements below is true or false and explain your position. (1) The risk that material misstatement will not be prevented or detected on a timely basis by internal controls can be reduced to 0 by having effective controls in place. (2) Detection risk is a function of the efficiency of an auditing procedure....
Novak Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
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...
Read each of the following statements carefully and indicate whether each is true or false. 2...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F....
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F. 1. Hacking is more prevalent in healthcare because of the value of patient information on the black market. 2. Internal security breaches are far more common than external breaches 3. The Identity Theft and Assumption Deterrence Act of 1998 makes it a federal crime to commit an act of identity 4. Vulnerabilities and threats are terms that can be used interchangeably. 5. Healthcare organizations...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial statements are true and fair ii)External auditors are responsible for the identification of all fraud iii)Internal auditors report their audit opinions to shareholders a)i and ii only b)i and iii only c)ii and iii d)None of the above 2.Ruby, an external auditor, has been asked by the Finance Director of Aberdeen Ltd. if she will be the company’s external auditor. Before agreeing to the...
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer systems have eliminated the need for internal controls in business True or False True False
For the following terms find the correct definition below and place the letter of that response in the blank space next to the term. Each definition is used only once. A control procedure that reduces to practically zero the risk of an A. Val IT undetected error or irregularity B. detective controls A process whereby management identifies possible events that C. fidelity bond represent a problem to the firm and then identifies appropriate responses to those problems D. internal control...
Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
Check Your Understanding 13.1 Instructions: Indicate whether the following statements are true or false (Tor F. 1. Hacking is more prevalent in healthcare because of the value of patient information on the black market. 2. Internal security breaches are far more common than external breaches 3. The Identity Theft and Assumption Deterrence Act of 1998 makes it a federal crime to commit an act of identity 4. Vulnerabilities and threats are terms that can be used interchangeably. 5. Healthcare organizations...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
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