Policies and procedures that client management has established to meet its objectives for financial reporting include all of the following EXCEPT: Examine adequate segregation of duties in the accounting and finance department Ensure that the employees of the company's in the accounting and finance department are satisfied with their job Verify the adequacy of documents and records in the accounting and finance department Check for the proper authorization of transactions and activities

Policies and procedures that client management has established to meet its objectives for financial reporting include all of the following EXCEPT: Examine adequate segregation of duties in the accounting and finance department Ensure that the employees of the company's in the accounting and finance department are satisfied with their job Verify the adequacy of documents and records in the accounting and finance department Check for the proper authorization of transactions and activities

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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21. Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.
Which of the following is TRUE about Internal Audit? Internal audit is described as the verification of the operations within the business by a specially assigned staff Internal audit is described as the verification of the financial statements only within the business by a specially assigned staff Internal audit is described as the verification of the operations within the business by any staff member Internal audit is described as the verification of the operations outside the business by a specially assigned staff
CPAs may audit around or through computers in the examination of financial statements of clients who utilize computer to process accounting data. Required: Under what condition does the CPA decide to audit through the computer instead of around the computer?
Which of the following documentary evidence is considered ? the most reliable Select one a. Written policies and procedures b. Vendor invoices c. Letters from outside attorneys d . Employee time sheets
Allowing only certain employees to order goods and services for the company is an example of what internal control procedure? a.Proper authorization b.Independent verification c.Segregation of duties d.Safeguarding of assets and records
As the CFO of the organization, you are currently working at, you have been charged with creating new policies and procedures with the IT department. As the CFO you currently oversee payroll, cash collections (revenue), and cash disbursements (expenses). What are some detection controls that you could put in place for those modules within a system?
14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
Which is correct ?
6. In which of the following situations does the internal auditor potentially lack objectivity? a. A payroll accounting employee assists an internal auditor in verifying the physical inventory of small motors. b. An internal auditor discusses a significant issue with the vice president to whom the auditee reports prior to drafting the audit report. c. An internal 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 former purchasing assistant performs a review of internal controls over purchasing four months after being transferred to the internal audit department.
What is meant by internal control based on the professional standards of a public accountant is:a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the companyd. B and C are correcte. All wrong