Segregation of incompatible duties (a) Is a guarantee that fraud cannot occur (b) Is the same as performance review by a supervisor (c) Usually increases the risk of fraud unless a supervisor is subject to a performance review (d) Occurs when different people authorise transactions, record transact...

Segregation of incompatible duties: (a) Is a guarantee that fraud cannot occur. (b) Is the same as

Question:

Segregation of incompatible duties:

(a) Is a guarantee that fraud cannot occur.

(b) Is the same as performance review by a supervisor.

(d) Occurs when different people authorise transactions, record transactions and maintain custody of assets.

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

Step by Step Answer:

Related Book For answer-question

Auditing A Practical Approach

ISBN: 9780730364573

3rd Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

See More Books

Question Posted: Nov 10, 2023 12:53 AM

See More Questions

Segregation of incompatible duties: (a) Is a guarantee that fraud cannot occur. (b) Is the same as performance review by a supervisor. (c) Means that different people are assigned responsibilities...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
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...
Reid Corporation's balance sheet at January 1, 20X9 reflected the following balances: Cash & Receivables $ 30,000 Inventory $ 75,000 Land $125,00 Building & Equipment (net) $850,000 Common Stock...
Scott Perkins started Perkins Company on January 1, 2012. The company experienced the following events during its first year of operation. 1. Earned $1,500 of cash revenue for performing services. 2....
V. Fraga's business has a rate of inventory turnover of 8 times per year. Average inventory is 21,000. Mark-up is 30%. Expenses are 40% of gross profit. You are to calculate: (a) Cost of goods sold....
Continuing to focus on evidence associated with the act, concealment, and conversion, use the evidentiary material to continue the examination. In addition, as the examiner also start to think of...
The air pollution project discussed in the chapter has progressed over the past several weeks, and it is now the end of week 8. Lester Harky would like to know the value of the work completed the...
It took 6 seconds for the sound of a whistle to reach an observer 5400 feet away from the whistle. At what rate did the sound travel in feet per minute?
Joe Clark has his own Desktop Publishing business. In may you as the bookkeeper prepared a Trial Balance and then reviewed the accounts. The following items became apparent upon review of the...
A management letter: (a) is written by management to the auditor at the start of the audit. (b) lists only the material weaknesses discovered during the audit. (c) contains recommendations for...
Auditors are interested in an entitys information systems: (a) Only if they are not purely manual systems. (b) Because they affect managers ability to maintain accountability for related assets,...
Assume Earl Coffee Roasters Corporation ended the month of August 2016 with these data: Requirement Prepare the balance sheet of Earl Coffee Roasters Corporation at August 31, 2016. Payments of cash:...
The GBF Company uses direct labor hours to allocate overhead to its products. It has the following information for its most recent fiscal year: What is GBF's fixed manufacturing overhead (FMOH)...
As an auditor would you be more likely to find risk in supplier groups with large total amounts and large number of orders or large total amounts and small number of orders? Why? AQ2. Look at the...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $ 9 0 0 , 0 0 0 of overhead during the next period, and expects to...
Which of these items is important to include on your weekly listing activity report? Your advertising budget Agent comments about the property An updated price reduction strategy Number of competing...
Ray & Sylvie contribute assets to a corporation that qualifies as a 351 exchange. Sylvie transfers property with a fair market value of $200,000. Sylvie's adjusted basis in the contributed property...
Flowers Associates is evaluating the performance of three divisions: Daisies, Pansies, and Tulips. Using the data that follow, compute the return on investment and residual income for each division,...
Multiple Choice Questions: 1. The largest component of aggregate demand is? a. Government purchases. b. Net exports. c. Consumption. d. Investment. 2. A reduction in personal income taxes, other...
James and Katie will be auditing the revenue account for their retail client, Go Big Tires. They disagree about how to test the occurrence assertion for the revenue account. James thinks they should...
Differentiate risk response at the financial statement level with risk response at the assertion level.
Which assertion is typically related to income statement accounts rather than balance sheet accounts or presentation and disclosure? a. Completeness. b. Accuracy. c. Rights and obligations. d. Cutoff.
what are the child related laws in Namibia ?
what is the concept of abolition of marital power ?
A football coach has just signed a five-year contract, 2.5-million dollar contract with a college. He will get a $300,000 signing bonus. In addition, he will get $400,000 in each of the first three...

Segregation of incompatible duties: (a) Is a guarantee that fraud cannot occur. (b) Is the same as

Question:

Step by Step Answer:

d Occurs when differ...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions