internal audit function acts as a higher level of control to determine that the internal control structure functions effectively. * FALSE   TRUE

Q: Which of the following is NOT a control implication of distributed data processing? a. redundancy b.…

A: Distributed data processing is a computer network system in which different computers across the…

Q: Should an auditor wishing to assess the adequacy of separation of functions examine a data flow…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: riefly provide your opinion whether an auditors wishing to assess the adequacy of separation of…

A:

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: Transaction controls are designed to ensure that transactions are properly valued. True False

A: Transaction controls are designed to ensure the accuracy, reliability, and integrity of…

Q: Which of the following i not an element of internal control?A. Control environmentB. MonitoringC.…

A: Internal control can be defined as the process of persuading the objectives of the organization such…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: Explain these points in detail w.r.t application of control in auditing with examples.   1: Relate…

A: 1: Data capture control is an important aspect of internal control in auditing. Data capture control…

Q: Internal control is enhanced by separating the control of a transaction from the record-keeping…

A: Internal control function is implemented in the organizations so that internal policies and…

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: ne independence and objectivity as it relates to internal audit functi

A: The internal audit function refers to the process of asses the internal functions of a company as…

Q: Differentiate Internal Audit from External Audit.

A: Auditing refers to checking books of documents with an intention to express a reasonable opinion on…

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: Which of the following is NOT a common type of white box test of controls?a. completeness testsb.…

A: Inference tests is NOT a common type of white box test of controls so the correct option in the…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: Assessing control risk begins with understanding entity-level controls.   a. True

A: Control risk is the risk that occurred due to the misstatement in the financial statement that would…

Q: Management and auditors are responsible for maintaining effective internal control system. True…

A: Introduction:- Management means:- Management is the process of planning and organizing activities of…

Q: The quality of the environment in which internal control operates has a pervasive effect on many…

A: Concept Pervasive effect               Pervasive effect means that the effect is spread to most of…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

A:

Q: the context of auditing, what does "tracking" actually

A: In the auditing the audit trails is said to be the process that involved tracking data and verifying…

Q: WHAT IS AUDIT

A: An audit is a systematic and independent examination of books, accounts, statutory records,…

Q: Discuss how the process of obtaining IT audit evidence is inherently different thanit is in a manual…

A:

Q: 1.Explain the importance of internal controls to auditors and management.

A: The formulation of internal controls is done by the management and the testing is done by auditors…

Q: what is the difference between internal and external audit

A: Audit is the process in which auditor examines the financial data of the client to express an…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…