Why is it important for public companies to have an audit of management’s assessment of internal control?
Answer to relevant QuestionsMatch the items with the related statements that follow.a. Internal controlb. A need of internal controlc. Management’s responsibilityd. Independent accountant’s audit 1. Evaluates management’s assessment of internal ...Some conditions for internal control follow.a. Transactions are executed in accordance with management’s general or specific authorization.b. Transactions are recorded as necessary to permit preparation of financial ...Transco Printers makes printers for personal computers and maintains a factory outlet showroom through which it sells its products to the public. The company’s management has set up a system of internal controls over the ...On July 1, 2014, Acting Company established an imprest (petty cash) fund in the amount of $800.00 in cash from a check drawn for the purpose of establishing the fund. On July 31, the petty cash fund has cash of $62.84 and ...During its first year of operation in 2014, Browne Sales Corporation made most of its sales on credit. At the end of the year, accounts receivable amounted to $199,000. On December 31, 2014, management reviewed the ...
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