Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?
Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?
Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?
Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?
Group of answer choices
To ensure that fund transfers and automated methods of effecting banking transactions are valid and verified, in the best interests of the organization, and authorized.
To ensure that banking arrangements and facilities are sufficient, appropriate and adequate for the business.
To ensure that the potential for staff malpractice and fraud are minimized.
To ensure that all banking transactions are bona fide, accurate and authorized whenever necessary.
To ensure that all income from bank is recorded without delay.
To ensure that overdraft set facilities are authorized and correctly operated within the limits defined by management and the organization's bankers.
To ensure that banking charges are effectively monitored and minimized.
Definition Definition Methods and techniques used by the auditor to gather the appropriate evidence so that a true and fair judgment can be made on the quality of the financial statements of the client. Audit procedures are developed after determining audit objectives, scope, approach, and risk assessment.
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