Indicate the alternative that best completes the following sentence: Upon obtaining factual documentation of unethicalbusiness conduct by the vice president, to whom the chief audit executive (CAE) reports, the CAE should do the following:Oa. Report the facts to the chief executive officer and the audit committee.Ob. Conduct an investigation to determine the extent of the vice president's involvement in the unethical acts.O c. Schedule an audit of the business function involved.d. Confront the vice president with the facts before proceeding with the investigation.

a. Report the facts to the chief executive officer and the audit committee.Explanation:The most…

Answered: Indicate the alternative that best…

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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What are the concepts of legal responsibility applicable to the accountant in his audit functions and other related services? and mention five (5) recommendations so that the auditor can prevent or protect himself from his legal responsibility.
a) What is the role and character of forensic accounting and its relationship to the legal system including the legal, ethical and professional obligations of forensic accountants. b) How does the forensic accountant examine and investigate indicators of fraudulent activity and demonstrate his/her knowledge of investigative processes and techniques, and their application. c) What are the techniques in evidence collection and evaluation. NB: Please to provide answers for question a, b & c Please to provide answers to the questions in 3-4 paragraphs Please to site the references
In which of the following situations does the auditor potentially lack objectivity?Select one: a. An auditor reviews the procedures for a new electronic data interchange connection to a major customer before it is implemented b. A former purchasing assistant performs a review of internal controls over purchasing four months after being transferred to the internal auditing department c. An auditor recommends standards of control and performance measures for a contract with a service organization for the processing of payroll and employee benefits. d. A payroll accounting employee assists an auditor in verifying the physical inventory of some fixed assets with value that is not considered material.
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Select the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.
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