No system of internal control is perfect. There are always inherent limitations. Discuss.

Question:

‘No system of internal control is perfect. There are always inherent limitations.’ Discuss.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting An Integrated Approach

ISBN: 9780170411028

7th Edition

Authors: Ken Trotman, Elizabeth Carson

See More Books

Question Posted: Aug 20, 2023 06:48 AM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
Multiple Choice 1. An independent audit aids in the communication of economic data because the audit a. Confirms the exact accuracy of managements financial representations. b. Lends credibility to...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
When a manager greets department visitors or attends ceremonies, he or she is playing the role of: Figurehead Conceptual Empowerment Productivity
Refer to the situation described inBE 11-2. Assume the machine was purchased on March 31, 2011, instead of January 1. Calculate depreciation expense for 2011 and 2012 using each of the following...
On 1 April 20X5, XCourt Company transferred $ 75,000 of accounts receivable to Prima Finance Company to obtain immediate cash. Consider the two following independent circumstances. Required: 1. The...
Suppose Emory is offered a true tax lease for the printing press at a lease rate of $11,700 per year. Show that this lease is profitable for Emory as well as for a lessor with a 10% tax rate and an...
Page Engineering designs and constructs air conditioning and heating systems for hospitals and clinics. Currently the companys staff is overloaded with design work. There is a major design project...
(a) Identify and explain the various ways through which government can intervene and assist upcoming Small entrepreneurs to grow and sustain their enterprises. (b) Explain the rationale behind SWOT...
What does the concept of reasonable assurance mean with respect to an internal control system?
A petty cash fund of $250 was set up by Snodgrass Ltd on 1 August by drawing cheque no. 232. Transactions relating to petty cash in August were as follows: Prepare journal entries to record the...
Japanese researchers have developed a compression/depression method of testing electronic circuits based on Huffman coding (IEICE EEI Transactions on Information & Systems, Jan. 2005). The new method...
Given f(x) = x + 2 and (fg)(x) = 7x(x + 2), what is g(x)? g(x) =
You will also need to set up multiple (Overloaded) Constructors that allow various parameters to be passed when creating the object because the student does not always know all the data when he or...
The Trespasser physics engine simulated rigid body box-shaped colliders and allowed the game player to easily build complicated structures such as a staircase made of crates.
What is a directory service (such as Microsoft Active Directory, Novell, e-Directory, etc.)? Under what circumstances would you recommend its implementation for a client? Why do you think an...
W What was the average speed maintained by Dick Rutan and Jenna Yeager on their non-stop flight around the world?
Consider 2.00 moles of an ideal gas that is taken from state A (PA = 2.00 atm, VA = 10.0 L) to state B (PB = 1.00 atm, VB = 30.0 L) by two different pathways. These pathways are summarized in the...
Suppose you need to answer any four of seven essay questions on a history test and you can answer them in any order. a. How many different question combinations are possible? b. What is the...
The following incidents took place in the DG Company: 1. Fred, the mail opener, converted a cheque payable to the DG Company for his personal use. When he was doing the bank reconciliation, Fred...
In each of the following cases, what component of good internal control is being violated (if any)? 1. Tough Ltd pays all its employees minimum wages and does not have pleasant working conditions. 2....
Consider the following two cases of fraud. 1. There have been recent reported incidents of attempted fraud on a variety of organisations. The fraud involves sending invoices for services or products...
Rick's Department Stores has had the following pattern of earnings per share over the last five years: Earnings per share $ 9.00 Year 20XU 20XV 9.54 20XW 10.11 20XX 20XY 10.72 11.36 13 The earnings...
What is the relevant market for this case? Should retailers that sell, but do not specialize in office products, be considered as part of the market? What evidence supports this conclusion? What are...
A company purchases a system to automate a process at a cost of $300,000. It is estimated that they will receive savings of $20,000 per year for 30 years. a) Determine the internal rate of return.

No system of internal control is perfect. There are always inherent limitations. Discuss.

Question:

Step by Step Answer:

The statement No system of internal control is perfect There are always inherent limitations highlights the reality that even the most welldesigned and meticulously implemented internal control system...View the full answer

Financial Accounting An Integrated Approach

Students also viewed these Business questions