What is a compensating control for the finance and investment process? Give some examples for finance and

Question:

What is a compensating control for the finance and investment process? Give some examples for finance and investment accounts.

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jan 09, 2015 09:41 AM

See More Questions

What is a compensating control? Give some examples for finance and investment cycle accounts.
What is a compensating control?
What is a compensating balance? How does the auditor become aware of the existence of compensating balances?
FinCorp Inc. is exploring different portfolio allocations between two stocks. Complete the following table. Case1 Case 2 Case 3 Case 4 Case 5 $ invested in stock 1 $ invested in stock 2 Total $...
What is the major difference between judgmental and convenience sampling?
Incasements manufacture protective cases for MP3 players. During November, the companys workers clocked 800 more direct labor hours than the flexible budget amount of 25,000 hours to complete 100,000...
A stock price $S$ is governed by the model where the period length is 1 month. Let $u=\mathrm{E}[w(k)]$ and $\sigma^{2}=\operatorname{var}[w(k)]$ for all $k$. Now suppose the basic period...
A bakery buys flour in 25- pound bags. The bakery uses 1,215 bags a year. Ordering cost is $ 10 per order. Annual carrying cost is $ 75 per bag. a. Determine the economic order quantity. b. What is...
. How would a person create and claim value in leadership ability via the use of resource allocation theory and constrained utility maximization?
PepsiCo produces snack foods such as Fritos and Lay's potato chips, as well as beverages such as Pepsi and Mug Root Beer. The company had the following condensed trial balance as of September 3,...
Describe the procedures and documentation of a controlled count of clients investment securities.
What are some of the specific, relevant aspects of managements control over the production of accounting estimates? What are some enquiries auditors can make?
What is present bias? Illustrate with some everyday examples.
A die is a small cube with sides marked with one to six spots on each side arranged so that the opposite sides of the cube have spots adding up to seven. A die can be held so that one, two, or three...
Pie Corporation acquired 75 percent of Slice Companys ownership on January 1, 20X8, for $96,000. At that date, the fair value of the noncontrolling interest was $32,000. The book value of Slices net...
Draw up M. Kellys statement of financial position as at 30 June 2012 from the following items: Capital Equipment Accounts payable Inventory Accounts receivable Cash at bank 10,200 3,400 4,100 3,600...
How many corks are in the barrel? Outline a procedure that would find the answer without actually counting the number of corks.
When will the balance in the intercorporate investment account be the same if the investment is carried at fair value, or if the equity method of accounting is used?
Humans have ________ pairs of chromosomes. a. 15 b. 23 c. 46 d. 78
Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work directly with its clients. The average...
How is the story of the myxoma virus and Australian rabbits similar to the story of antibiotic resistance in bacteria?
Evaluate the following statement: "Tests of sales and cash receipts transactions are such an essential part of every audit that I like to perform them as near the end of the audit as possible. By...
Explain how the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the confirmation of accounts receivable and...
Distinguish between substantive tests of transactions and tests of details of balances. Give one example of each for the acquisition and payment cycle.
What percentage of the American opportunity tax credit may be refundable?
You want to buy a house. You have $50,000 saved for the down payment and can pay $2,000 per month on the mortgage. The 30-year mortgage interest rate is 9% per year (equal to 0.75% per month). What...
Compute the Social Security and Medicare for Paul, Alex, and Andrea. The rates are 6 . 2 % for Social Security and 1 . 4 5 % for Medicare. Assume the Social Security limit is $ 1 4 2 , 8 0 0 and the...

What is a compensating control for the finance and investment process? Give some examples for finance and

Question:

Step by Step Answer:

A compensating control for finance and investment process accounts is a control feature used when a ...View the full answer

Auditing An International Approach

Students also viewed these Auditing questions