Management can expect various benefits to follow from implementing a system of strong internal control. Which of the following benefits is least likely to occur?a. reduction of cost of an external auditb. prevention of employee collusion to commit fraudc. availability of reliable data for decision-making purposesd. some assurance of compliance with the Foreign Corrupt Practices Act of 1977e. some assurance that important documents and records are protected

Q: Indicate which statements are true and which are false. The primary objective of internal control…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Well-designed internal control will prevent all fraud by top management. True or False

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A: An IT Audit Director is a senior-level professional responsible for overseeing and managing the IT…

Q: 3. Which of the following is not a computer facility control? (a) Place the data processing center…

A: The objective of the first question is to identify which of the given options is not a control…

Q: What processes or regulations should be developed to minimize ethical fraud concerns?

A: This question explains about ethical fraud concerns

Q: Which internal control procedure is a deterrent to corruption? Multiple Choice O O Use of…

A: The correct option with proper explanation are as follows

Q: self-reporting to the OIG

A: In the United States, there is a state agency called Office of Inspector General (OIG). The purpose…

Q: In a fraud examination, original documents must be protected from damage and tampering toa.…

A: Fraud examination: Wrongdoing checks require attempts to address claims or signs of wrongdoing where…

Q: One important aspect of internal control is the segregation of duties, which makes certain types of…

A: Segregation of duties means seperating the record-keeping function from the operational…

Q: 21. In performing effective risk assessment, organizations should: Group of answer choices None of…

A: The question is related to Auditing. Effective risk assessment allows to identify the gaps…

Q: nich of the following is not stated as a primary objective of a company's internal control policies…

A: Internal control is an organization is designed and implemented by management.

Q: Management is primarily responsible for maintaining effective internal control and ensuring the…

A: If management does not create an effective control environment, the company may face financial…

Q: Which of the following statements is characteristic of monitoring activities within the internal…

A: Internal controls system includes a set of rules, policies, and procedures an organization…

Q: Which of the following is NOT one of the purposes of internal control? a. to guarantee the success…

A: Internal control involves procedures and policies to ensure the integrity of the accounting…

Q: One aspect of internal control requires companies to maintain adequate documentation and records.…

A: Internal controls procedures are those procedures which are established for achievement of…

Q: Indicate the COSO component that matches with each of the following internal control activities.…

A: Internal control activities COSO components a. Reporting of control effectiveness  Information and…

Q: ll statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : A

Q: When a fraud has occurred within an organization, management must decide what follow-up action (s)…

A: An organization usually does not take any legal action against the person who has done fraud as it…

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

A: Answer

Q: Explain how client internal controls can be improved through the proper installation of IT.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: When it comes to control systems and materiality, why could fraud examiners' views vary from those…

A: Misstatements and judgments are taken into account when determining materiality in the design and…

Q: ider “control environment.” Why it is important for auditors to understand a client’s control…

A: A controlled environment refers to the term "Internal control environment" which implies that the…

Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or…

A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND…

Q: uestion 14 Controls are not designed to provide assurance that: A. Transactions are executed in…

A: Internal controls are the rules and regulations laid down by the management which must be followed…

Q: Indicate the COOO component that matches with each of the following internal control activities.…

A: Internal control is a series of activities based on an organization's standard procedures that aim…

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A: Auditing is the process of examining financial statements, records, and other financial information…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

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: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: Which one of the following is not included in the control environment? a. Integrity & Ethical…

A: The correct option with proper explanation are as follow

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Q: Segregation of duties is one of the most important control activities to minimize incompatible…

A: Segregation of duty is a control mechanism that is implemented and used in order to reduce the risk…

Q: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: Internal audit aims to conduct systematic scrutiny of records. Internal audit is described as…

A:

Q: Internal control policies and procedures have limitations not including:

A: An internal control policies are put forward by the company and which are implemented so that the…

Q: One important aspect of internal control is the segregation of duties, which makes certain types of…

A: Internal control is the process that is designed and implemented and reviewed in the organization to…

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: processing

A: Segregation of duty is a concept whereby more than one person is required to complete a single task.…

Q: a) Internal controls play an important role in reducing the risks of fraudulent activities in any…

A: The internal control system includes administrative control and accounting control of cash. Cash…

Q: The underlying assumption of reasonable assurance regarding implementation of internal control means…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Reasonable assurance that the objectives of internal control are achieved depends on the competence…

A: The question is related to Auditing. Resonable assurance means a high level of assurance regarding…