Question: Internal control is a system that is not: a. designed to provide reasonable assurance about the achievement of the entitys objectives with regard to reliability

Internal control is a system that is not:

a. designed to provide reasonable assurance about the achievement of the entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations.

b. the responsibility of those charged with governance.

c. designed and implemented to address identified business risks that threaten the achievement of the entity’s objectives.

d. designed and approved by the external auditors after consultation with management.

Step by Step Solution

★★★★★

3.35 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Internal control is a system that is not d designed and app... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Auditing A Practical Approach Questions!

Internal control is a process: (a) Designed to provide reasonable assurance about the achievement of the entitys objectives with regard to the reliability of financial reporting, effectiveness, and...

Multiple Choice 1. An auditors primary consideration regarding an entitys internal controls is whether they a. Prevent management override. b. Relate to the control environment. c. Reflect...

Sorrell, CPA, is auditing the financial statements of Van Dyke as of December 31, 2017. Sorrell's substantive procedures and other tests indicated that Van Dyke's financial statements were prepared...

Hi, I am taking accounting class (Auditing & Assurance Services). Please provide original homework. Type up to two pages ( about 500-600 words) and must answer questions clearly. I have solutions for...

Hi, I am struggling with my homework which is related to auditing class. Please provide original homework. Type up to two pages ( about 500-600 words) and must answer questions clearly. I have...

The main purpose of risk assessment procedures is to Obtain an understanding of the entity and its environment, including its internal control, to assess the risks of material misstatements at the...

Could i get help with question 43. I know the answer need to know how you get there. University of Connecticut School of Business Managerial Accounting 2101 Exam 2 Fall 15 -W November 2, 2015...

Hi could I get help with number 22, 25 41? See attached exam. University of Connecticut School of Business Managerial Accounting 2101 Exam 2 Fall 15 -W November 2, 2015 Student:...

Below is an audit report for an integrated audit combined to include the opinions on both ICFR and the financial statements. Phrases reflecting 20 items that are required to be in this report have...

Burham Manufacturing Inc. sold 8,000 units and recorded sales of $400,000 for the first month of 2012. In making the sales, the company incurred the following costs and expenses. (a) Prepare a CVP...

Suppose that f (0) = 2 and f(x) 3 for x > 0. Apply the MVT to the interval [0, 4] to prove that f (4) 14. Prove more generally that f (x) 2 + 3x for all x > 0.

A cash budget differs from an income statement because the cash budget does not determine profits or losses excludes depreciation expense uses disbursements and not expenses a . 1 and 2 b . 1 and 3 c...

4. AT&Toverpaid for many of its largest acquisitions made during the 1990s. How might this have contributed to its subsequent restructuring efforts?

Which is more important, independence of mind or independence in appearance? Explain.

Self-interest, self-review, and familiarity threats all arise from an inappropriate closeness between the auditor and the client. Explain how that closeness is likely to manifest in each case and why...

Explain the relationship between the auditor and the shareholders of the audited company. How realistic is it to regard the shareholders as the clients of the auditor?

Profitability ratios The following selected data were taken from the financial statements of Vidahill Inc. for December 31,20Y7,20Y6, and 20 Y 5

An auditor examines a sample of sales invoices to determine if they were recorded in the correct revenue accounts. What assertion is the auditor testing? Group of answer choices A. Accuracy,...

*Java* Expand the implementation of the class Stack presented in Fig. 3.13 to include methods to: reinitialize the stack to empty, test for an empty stack *underflow condition), test for a full stack...