Question: Inherent limitations in internal control must be considered in evaluating its effectiveness in preventing or detecting errors and fraud. Inherent limitations or the effects of

Inherent limitations in internal control must be considered in evaluating its effectiveness in preventing or
detecting errors and fraud. Inherent limitations or the effects of them do not include
A. Incompatible functions performed by the same person.
B. Simple error.
C. The inability to provide more than reasonable assurance.
D. Faulty human judgment in decision making.
Inherent limitations in internal control must be considered in evaluating its

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:

26.Which of the following is not one of the inherent limitations of internal control? Faulty human judgment. Collusion. Management override. Lack of proper segregation of incompatible duties. 27.PSAs...

Q:

attach relative notes And please answer the questions part by part (separate) Case: Far East Plastics Ltd. You are the audit manager in charge of the audit of Far East Plastics ("FEP") Ltd., for the...

Q:

attach relative notes And please answer the questions part by part (separate) Case: Far East Plastics Ltd. You are the audit manager in charge of the audit of Far East Plastics ("FEP") Ltd., for the...

Q:

1. Review Item 9A on Apple and Adobe 10-K. Summarize three things (combined, not for each Company) that appear significant to you. Item 9A. Controls and Procedures Evaluation of Disclosure Controls...

Q:

ACC 640 Keystone Case Study Engagement Overview Keystone Inc., a listed company on a U.S. stock exchange (publicly traded) in the United States, is looking to expand. XBroker was seen as a potential...

Q:

ACC 640 9-1 Scenario The auditing team of your CPA firm has performed an audit engagement for Keystone, which consists of testing financial statements, internal controls, and other factors that could...

Q:

Hi, I need someone to do summary for the article I upload AUDITING: A JOURNAL OF PRACTICE & THEORY Vol. 28, No. 2 November 2009 pp. 1-34 American Accounting Association DOI: 10.2308 / aud.2009.28.2.1...

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

In Figure (a) a block of mass m lies on a horizontal frictionless surface and is attached to one end of a horizontal spring (spring constant k) whose other end is fixed. The block is initially at...

Q:

Consider these transactions: (a) Galvao Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Galvao make? (b) Stone Company sold its accounts...

Q:

Multiple Choice 2 points Diego and Maria have two children - Patti and Tomas. Diego and Maria work at a small ( 3 0 employee ) accounting firm, and have no health care coverage as an employee...

Q:

I need help with this Java question. Please provide the final code and output if possible. Part 2: Methods with Predicate parameters Write the following methods: 1.) public static List collect(List...