Separation of duties is related to which of the following? A. Dual controls B. Principle of...
Separation of duties is related to which of the following?
A. Dual controls
B. Principle of least privilege
C. Job rotation
D. Principle of privilege
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Separation of duties is related to which of the following?
A. Dual controls
B. Principle of...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
Which statement below best exemplifies the principle of segregation of duties? A : The company ensures...
Which statement below best exemplifies the principle of segregation of duties? A : The company ensures a separation between the retail and accounting departments. B : The company allows its salesmen to approve and record client credit. C : The company’s management is allowed to approve their own allowances and write-offs. D : The company’s retail division uses cash registers and regular daily inventory counts.
Which of the following controls can minimize the threat of theft of cash? A Separation of...
Which of the following controls can minimize the threat of theft of cash? A Separation of billing and shipping functions. B Use of cash registers. C Bar-code and RFID technology. D Restriction of access to master data. Identify one way to improve the accuracy of inventory records that use a perpetual inventory approach A use of an MRP inventory system B require the accounting department to calculate cost of goods sold periodically C use of an ERP system D use...
Multiple choice. Please give a brief explanation for your answers. QUESTION 1 PART A An organization...
Multiple choice. Please give a brief explanation for your answers. QUESTION 1 PART A An organization decided to implement an education program using role-based training, and wants to ensure that each role gets the necessary training based on the role. Which of the following best describes the responsibilities of data owners and indicates what training they need? A) Ensuring data is backed up in accordance with the data policy. B) Ensuring data is classified and labeled correctly. C) Complying with...
Implementation of an ERP system requires increased focus on all except which of the following controls? A...
Implementation of an ERP system requires increased focus on all except which of the following controls? A controls over access to data B data entry controls on validity and accuracy C appropriate disposal of hard copy reports D segregation of duties between custody, authorization, and recording
Knowledge Check 01 Which controls activities would be performed to meet the independently verify principle of...
Knowledge Check 01 Which controls activities would be performed to meet the independently verify principle of internal control? O Assigning each task to only one employee O Comparing the company's accounting information to information kept by an independent third party O Prenumbering documents to ensure that all business activities are supported by documentation O Restricting access to company's assets and records O Segregating of duties
Principles of auditing ch 8 Internal Controls QUESTION 10 Which of the following elements is not...
Principles of auditing
ch 8 Internal Controls
QUESTION 10 Which of the following elements is not a part of an entity's internal controls? A. Information and communication systems support. B. Control risk. C. Control activities. D. The control environment. QUESTION 11 Which of the following is the correct order for performing the procedures noted? A. Perform substantive tests, test controls, understand the system of internal control. B. Test controls, understand the system of internal control, perform substantive tests. C. Test...
This a is a separation of duties exercise. Your small business client, Phillip's computer Repair Shop...
This a is a separation of duties exercise. Your small business client, Phillip's computer Repair Shop , is experiencing financial difficulties and has to lay off one of its four employees in the accounting area. Phillip has asked you to determine what duties should be assigned to the three remaining employees -Abigail, Bryan, and Chris- to maintain the best separation of duties. Required: Assign the following 10 duties to each of the ten employees. a) Reconcile bank statement, b) Open...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing two substantive tests at the same time b. Performing testwork over two significant accounts at the same time O c. Performing two tests of controls at the same time O d Perfor 14 of 19 Which of the following statements about internal controls is correct? O a Controls are actions taken by management to prevent or detect and correct material misstatements O b. Effective...
Indicate the fundamental GAAS principle to which the matter is most closely related. An auditor's overall...
Indicate the fundamental GAAS principle to which the matter is most closely related. An auditor's overall conclusion of the fairness of the client's financial statements. A. Responsibilities principle B. Performance principle C. Reporting principle D. None of the above
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
Knowledge Check 01 Which controls activities would be performed to meet the independently verify principle of internal control? O Assigning each task to only one employee O Comparing the company's accounting information to information kept by an independent third party O Prenumbering documents to ensure that all business activities are supported by documentation O Restricting access to company's assets and records O Segregating of duties
Principles of auditing
ch 8 Internal Controls
QUESTION 10 Which of the following elements is not a part of an entity's internal controls? A. Information and communication systems support. B. Control risk. C. Control activities. D. The control environment. QUESTION 11 Which of the following is the correct order for performing the procedures noted? A. Perform substantive tests, test controls, understand the system of internal control. B. Test controls, understand the system of internal control, perform substantive tests. C. Test...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing two substantive tests at the same time b. Performing testwork over two significant accounts at the same time O c. Performing two tests of controls at the same time O d Perfor 14 of 19 Which of the following statements about internal controls is correct? O a Controls are actions taken by management to prevent or detect and correct material misstatements O b. Effective...
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