As the company accountant, explain the following ideas to the management of Keane Company. (a) The concept

Question:

As the company accountant, explain the following ideas to the management of Keane Company.
(a) The concept of reasonable assurance in internal control.
(b) The importance of the human factor in internal control.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-0470239803

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Apr 21, 2012 02:59 AM

See More Questions

The concept of reasonable assurance applies to internal control, but Maria Salzo, the chief compliance officer of the ABC Company, says that she does not care about reasonable assurance. She wants...
Following is a portion of management's report on internal control by Milacron Inc. in 2004. Item 9A. Controls and Procedures Disclosure Controls and Procedures (Interim Analysis) Disclosure controls...
As a management accountant in a small real estate services firm, you have become aware of a strategic initiative in your firm to promote its services to a new class of customers. Currently, most of...
The unadjusted trial balance of Mesa Inc., at the company's year end of December 31 follows: Additional information and adjustment data: 1. The 12-month insurance policy was purchased and was...
Charles Edward Company established a subsidiary in a foreign country on January 1, 2013, by investing FC 3,200,000 when the exchange rate was $0.50/FC. Charles Edward negotiated a bank loan of FC...
Cooperative has a straight-line depreciation policy and expected economy life of its taxis for 5 years. If the drivers choose bought the taxi in cash, then cash should be paid at the day of...
During a refrigeration cycle, heat is rejected by the refrigerant in (a) compressor (b) condenser (c) evaporator (d) expansion valve
Michael McIntyre is a cost analyst with Mid-States Insurance Company. Mid- States is applying standards to its claims payment operation. Claims payment is a repetitive operation that could be...
Reference the article on Workplace Wellness Programs Workplace Wellness Programs - Alternative Formats , which provides an example of a complete policy. Compile a concise model policyon opioid...
Darlene is a stunt motorcyclist in a traveling circus. For the climax of her show, she takes off from the ramp at angle , clears a fiery ditch of width x, and lands on an elevated platform (height H)...
Gloria Modine is reviewing the principle of segregation of duties. What are the two common applications of this principle?
Commerford Inc. owns the following assets at the balance sheet date. Cash in banksavings account .... $ 8,000 Cash on hand ........... 1,100 Cash refund due from the IRS ..... 1,000 Checking account...
A spherical tank for storing liquid oxygen on the space shuttle is to be made from stainless steel of 0.80-m outer diameter and 5-mm wall thickness. The boiling point and latent heat of vaporization...
A company purchased land in 2 0 1 5 for $ 5 0 , 0 0 0 . Now, in 2 0 1 9 , it is appraised at $ 6 0 , 0 0 0 . What values should be the Land account balance on the balance sheet in 2 0 1 5 and in 2 0...
Myriam, director of division B, has complete autonomy to make decisions involving better cost management. The following data concerns Division B forecasts for the year 2021: Average active balance...
How does the lipophilicity of a drug affect its efficacy? Explain
The convolution layer inside of a CNN is intrinsically an affine trans- formation: A vector is received as input and is multiplied with a matrix to produce an output (to which a bias vector is...
Suppose that production of 1 unit of mining requires 3 / 7 unit of mining, 2 / 7 unit of manufacturing, 2 / 7 unit of communication. To produce 1 unit of manufacturing requires 5 / 7 unit of mining,...
Who prioritizes the product backlog in Agile?
For the following exercises, rewrite the sum as a product of two functions or the product as a sum of two functions. Give your answer in terms of sines and cosines. Then evaluate the final answer...
What is meant by the term adsorption, and why does activated charcoal have high adsorption qualities?
What steps are frequently involved in managements decision-making process?
What steps are frequently involved in managements decision-making process?
What steps are frequently involved in managements decision-making process?
Show how binary exponentiation can be used to calculate a 128 efficiently. How many multiplications are required?
How can one tell many months the positive skew had in it?
Drug 4 mg I every 3 hours prn pain. Supplied as 10mg/10 ml. Calculate mL per dose?

As the company accountant, explain the following ideas to the management of Keane Company. (a) The concept

Question:

Step by Step Answer:

a The concept of reasonable assurance means that th...View the full answer

Financial Accounting Tools for Business Decision Making

Students also viewed these Cost Accounting questions