30Which of the following is correct concerning system and organization controls (SOC) reports?Multiple ChoiceThey all result in restricted-use reports.A prerequisite before issuing such a report is having performed the audit of theservice organization's financial statements.Some of these reports do not address operating effectiveness.They all relate to controls at service organizations.

It is true that controls at service companies are related to SOC reports. The efficacy of controls…

Answered: 30 Which of the following is correct…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which must the auditor communicate to management? A. B. C. D. Known Material Weaknesses Yes Yes No No Known Significant Deficiencies Yes No Yes No
COSO's 2013 Internal Control - Integrated Framework does NOT include the following as one of the key components of internal control systems: a) Control Activities b) Risk Assessment c) Strategy d) Monitoring
4. Overall risk management arrangements are the main preoccupation of the internal auditor who is concerned with all those controls fundamental to the achievement of organizational objectives. It is main ... On internal and external audit? A. Similarity B. Difference C. No D. Equality connection 5. From taking care of risk perspective what should be done if the Impact of risk is high and likelihood of risk is high ? A. Terminate B. Transfer C. Tolerate D. Communica te 6. From taking care of risk perspective what should be done if the Impact of risk is low and likelihood of risk is low? A. Terminate B. Transfer C. Tolerate D. Communica te
Question 1: For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $ Answer: А. O $6,000 В. O 57,000 С. O 55,500 D. O $6,500
Which of the following is NOT a requirement in management’s report on the effectiveness of internal controls over financial reporting?a. A statement of management’s responsibility for establishing and maintaining adequate internal control user satisfaction. b. A statement that the organization’s internal auditors have issued an attestation report on management’s assessment of the company’s internal controls. c. A statement identifying the framework management uses to conduct its assessment of internal controls. d. An explicit written conclusion as to the effectiveness of internal control over financial reporting.
Following are examples of control deficiencies that may represent significant deficiencies or material weaknesses. For each of the following scenarios, indicate whether the deficiency is a significant deficiency or material weakness. Justify your decision. a. During its assessment of ICFR, the management of Lorenz Corporation and its auditors identified the following control deficiencies that individually represent significant deficiencies: • Inadequate segregation of duties over certain information system access controls. • Several instances of transactions that were not properly recorded in subsidiary ledgers. While the transactions that , weren’t recorded properly were not material, the gross amount of the transactions of that type totaled up to an amount several times materiality. • A lack of timely reconciliations of the account balances affected by the improperly recorded transactions. b. During its assessment of ICFR, management of First Coast BankCorp and its auditors…
The following information pertains to internal controls at company A and company B respectively. Company A Company B Controls are strong Controls are Weak If an audit of these companies is performed according to the AICPA auditing standards, the auditor will: COMPANY A COMPANY B A Test controls Not test controls B Not test controls Test controls C Test Controls Test Controls D Not test controls Not test Control Group of answer choices
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Why do we consider risk assessment the foundation of the internal audit function? To safeguard independence, many internal audit departments continue to perform risk assessments in a silo, without collaborating with and leveraging the work of ERM. Do you agree with this approach?
Which of the following are principles of internal control? (Check all that apply.) Multiple select question. Increase revenues. Establish responsibilities. Maintain adequate records. Reduce vendor payables. Perform regular and independent reviews. Divide responsibility for related transactions.
A system audit examines the company's quality control procedures.? Question 7 options: True False

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