Question: An internal control exception is: A) only expected to exist when internal controls are effective. B) an observed condition that provides evidence that the control

An internal control exception is:

A)

only expected to exist when internal controls are effective.

B)

an observed condition that provides evidence that the control being tested did not

operate as indicated.

C)

both a and b.

D)

an observed condition that provides evidence that the control being tested did operate as

indicated.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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 Accounting Questions!

Q:

Can you please answer the question QUICKLY. PLEASE NO NEED FOR ANY EXPLANATIONS JUST ONLY NEED THE ANSWER PLEASE. Question 1 (0.25 points) An internal control exception is: a) only expected to exist...

Q:

ch7 QUESIIUH J. U. DUNII] The auditor should ordinarily mail confirmation requests to all banks with which the client has conducted any business during the year, regardless of the year end balance,...

Q:

Exhibit 6.5 Types of Audit Procedures Categories of Types of Audit Procedures Typically Performed Examples of Audit Procedures Audit Procedures Purpose Tests of controls Evaluate the Inspection of...

Q:

Last week you answered a question for me dealing with auditing and the company Lockheed Martin Corporation. was wondering if you could answer this following up on last week question. In further...

Q:

The 2016 ACFE Report to the Nations found that ___________ of existing controls is the second most frequently observed internal control weakness that contributed to fraud; the lack of internal...

Q:

The 2016 ACFE Report to the Nations found that ___________ of existing controls is the second most frequently observed internal control weakness that contributed to fraud; the lack of internal...

Q:

Document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to RNS and the industry. A. Describe the audit data...

Q:

Need help with these multiple choice questions for internal audit final exam. Due in 2 hours. QUESTION 1 RsQ_004Without management direction and assumption of responsibility, it would be...

Q:

Question 3 of 20 > - /1 IE ... View Policies Current Attempt in Progress If the tests of controls indicate certain controls are not as effective as the auditor originally believed, which of the...

Q:

1. When would it be more appropriate for an auditor to use a narrative instead of a flowchart to document their understanding of internal controls? A. auditor has limited experience with auditing B....

Q:

Indicate whether the following are For AGI deductions, From AGI deductions or neither. v Health savings account contribution for a self-employed person A. From AGI v Health savings account...

Q:

Suppose f belongs to L^4([0, 1]), ||f||4 = C 1 and ||f||2 = 1. Show that 1

Q:

La Facultad de Administracin de Empresas de la ESPE adquiere muebles y enseres con un abono inicial de $20000 y 10 pagos mensuales de $5000 cada uno, cancelando la primera 4 meses despus de la...

Q:

what stands out as the most important concepts to remember when it comes to an organizational design plan.

Q:

The official stamp rule: We tend to have more confidence in information that is exempt from the Freedom of Information Act than if the same information was made readily available.

Q:

4. Based on a message you have recently received, analyse it in relation to its three components: a. the information component, b. its relational component and c. its hierarchical component.

Q:

3. Give an example of a problem or phenomenon in everyday life where information is presented in an emotional way.