Internal audits help the internal control environment by: a. Regularly and independently testing to make sure internal

Question:

Internal audits help the internal control environment by:

a. Regularly and independently testing to make sure internal control procedures are followed

b. Directing and training employees to follow the employee handbook

c. Reporting results to external users of financial statements

d. All of the above.

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

Step by Step Answer:

Related Book For answer-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Dec 11, 2019 11:15 AM

See More Questions

IBM's Form 10-K for the year ended December 31, 2011 includes the following section from its Report of Management found on page 68: Management Responsibility for Financial Information Responsibility...
One of the fundamental changes that occurred upon passage of the Sarbanes-Oxley Act of 2002 is that the audit profession is no longer allowed to be self-regulatory. Now, the Public Company Accounting...
Professional standards indicate that an entity's internal controls consist of five interrelated components. (a) What responsibility does an auditor have related to each of these five components? (b)...
Utility is a type of function that occurs in eco-nomics. When a consumer receives a units of a product, a certain amount of pleasure, or utility U, is gained. The following represents a typical...
For f (x) with derivative as in Figure 12: (a) Is f (c) a local minimum or maximum? (b) Is f (x) a decreasing function? FIGURE 12 Graph of derivative f'(x)
Assume that you have a solution of 0.1 M glucose 6-phosphate. To this solution you add the enzyme phosphoglucomutase, which catalyzes the reaction: (a) Does this reaction proceed at all as written at...
The enzyme lipase catalyzes the hydrolysis of esters of fatty acids. The hydrolysis of p-nitrophenyloctanoate was followed by measuring the appearance of p-nitrophenol in the reaction mixture: The...
Multiple-choice questions: a. The following relate to Owens data in 2010. What is the ending inventory ? Purchases ...........$580,000 Beginning inventory ....... 80,000 Purchase returns ...........
Nina has been with Elora Enterprises for 5 years and is a Customer Service Representative. She earns $2000.00 bi-weekly working 35 hours per week. She does not work any overtime. She has not reached...
Consider the following 0x86 program: .data array DWORD 1,2,3,4,5,6,7,8,9 array Size=($-array)/4 ; array .code main PROC mov ecx,arraySize-1 mov esi.OFFSET array L1: mov eax.[esi] cdg mov bx.2 idiy bx...
Wilson Art set up a petty cash fund of $200 on March 1, 2020. On March 17, the petty cash box contained $19 and the following receipts: $75 for printing, $48 for taxi fare, and $55 for delivery...
The petty cash fund of the Wee Ones Agency was established on May 1, 2020, at $75. At the end of the month, the fund contained $13 and had the following receipts: film rentals, $19; refreshments for...
Which of the above are a. units of mass? b. Units of length c. Units of volume? d. Units of time? e. Units of density?
AMTRAK is considering building a new train line from Whosville to Almost There. Use the following information to help AMTRAK determine their cost of capital to assess the project: Debt totals $250...
Contour sea level pressure every 4 mb on the weather map. All contour levels should be divisible by 4 (1000 mb is a good place to startthen do 1004 and 996, 1008, etc.). NOTE: This storm was...
Quiz Note: It is recommended that you save your response as you complete each question. Question 1 (30 points) Floozy Corporation had the following selected account balances as of December 31, 2014....
You observe that the spot price of the Swiss franc (CHF) is 1.14 USD/CHF, and that the 1 year forward rate is 1.07 USD/CHF. What is the percent forward premium? Enter answer as percent, accurate to 2...
What is the book value of a $10000 investment with a 7 year life after 3 years of straight line depreciation? Show all work.
A shipping company operates 10 container ships that can each carry 5,000 containers on each journey between ports. They want to be able to load and unload 20,000 containers each week. Assume their...
Draw two scatterplots, one for which r = 1 and a second for which r = 21.
Trilium Gold Inc.s December 31, 2020, adjusted trial balance shows the following: Account Description Balance* Bonds payable, convertible ........................................ $1,050,000 Premium...
On December 31, 2020, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note. The note requires annual payments of accrued interest and equal amounts of principal on...
Use the data in Exercise 14-23 to prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2020, and the four payments starting on December 31, 2021, through...
From a social welfare perspective, discuss the pros and cons of government subsidized postsecondary education.
Suppose the marginal propensity to consume is 0.8. The government increases government spending and taxes by $10 billion. What happens to aggregate output demanded?
A profit-maximizing firm incurs an economic loss of $30,000 per year. Its fixed cost is $25,000 a year. Should the firm produce or shut down in the short run. Suppose instead that the firm has a...

Internal audits help the internal control environment by: a. Regularly and independently testing to make sure internal

Question:

Step by Step Answer:

a Regularly and in...View the full answer

Fundamental Accounting Principles Volume I

Students also viewed these Business questions