3-2 Assignment

21-36 AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures to assist users in evaluating management's written asser- tions about (1) the entity's compliance with specified requirements. (2) the effective- ness of the entity's internal control over compliance, or (3) both. Required: a. Read AT-C Section 315 and then discuss how a practitioner would conduct an agreed-upon procedures engagement to evaluate an entity's written assertion that it was in compliance

QUESTION 3 The IFAC international Ethics Standards Board for Accountant (IESBA) Code of Ethics for Professional Accountants set out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised. Required: Explain FIVE major threats identified in the code of ethics giving ONE example of each.

13 5:34 The Sarbanes-Oxley Act allows CPAs to perform which of the following services for their public audit clients? Multiple Choice Actuarial services Bookkeeping services. Certain consulting services. Internal audit outsourcing

Q-143 Certified public accountants have imposed on themselves a rigorous code of professional conduct. Required: a. Discuss the reasons that the accounting profession adopted a code of professional conduct. b. One rule of professional ethics adopted by CPAs is that a CPA cannot be an officer, director, stockholder, representative, or agent of any corporation engaged in the practice of public accounting, except for the professional corporation form expressly permitted by the AICPA. List the arguments supporting the rule that a CPA's firm cannot be a corporation.

Question 29 The most important fundamental component of an entity's internal control is:     Effectiveness of operations.      People who operate and function within the control system.     Reliability of financial reporting.     Compliance with applicable laws and regulations.

ket system My Dispense Academic Calendar Clear my choice My courses (7) Essay Question: (LO# 2) One of the Components of Internal Control is the control activities; which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives. What are the most important control activities (Explain of each of these control activities)? Paragraph B Path: p Which of the following is not a likely source of information to assess fraud risks? く & 8 A 6 7 7 V 1O て (E 3. Y を IT K J H. G J く N !MS

Question 3 "Internal controls are more than just about detection and prevention of fraud in an entity." Discuss and elaborate five (5) purposes of internal controls to an organisation, and provide relevant examples that leverage on IT to fulfil each of these internal control purposes accordingly.

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ACC 622 Chapter 3 Problem 12 a. Using the COSO internal control model for control activities (e.g, transaction authorization, segregation of duties) identify anypotential internal control weakness in the NSC system. b. For each weakness discuss potentila for fraud in the system. c. Make recommendations for correcting each identified control weakness.