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Question 37 Not yet answered Marked out of 1.00 Flag question You were hired as one of the members of the internal audit team of a newly established hypermarket in your area. As a new member, your task was to analyze the internal control practices of the business. Which of the following activities does not constitute good internal control? a. Reviewing and approving transactions especially those involving large amounts of money b. Making sure that all bills were immediately paid even without supporting documents c. Putting passwords in every computer the business is using d. Correcting errors immediately after they are discovered Question 38 Not yet answered Marked out of 1.00 P Flag question The auditor may add an explanatory paragraph to the unqualified audit report in the following circumstances, except: a. Departure from GAAP is justified b. Doubt about the going concern assumption is substantial O c. There is emphasis of a matter O d. The scope of the audit has been restricted Question 39 Not yet answered Marked out of 1.00 P Flag question Which of the following difference between auditing and accounting is incorrect? O a. Accounting is necessary for all organizations in the day-to-day or routine operations while auditing is not necessary in the day-to-day operations b. Accounting is carried out on continuous basis with daily recording of financial transactions while auditing is basically a periodic process and carried out after the preparation of final accounts c. Bookkeeping starts usually where accounting ends while accounting always starts where auditing ends d. Accounts are submitted to the management of the organization while independent audit report is submitted to the shareholders