• Please ANSWER each question in one to two paragraphs (more than five sentences each) !! And add references AND LINK PLEASE !!
• THANK YOU !!

1. Internal Control can provide only reasonable assurance and not absolute assurance. Discuss why, highlighting the limitations of internal control. (ANSWER IN ONE - TWO PARAGRAPHS)
2. Distinguish between IT General Controls and Application Controls. Discuss one IT General control and one Application control in detail. (ANSWER IN ONE - TWO PARAGRAPHS)
3. Discuss Audit Risk and Materiality in the context of external audit engagements. (ANSWER IN ONE - TWO PARAGRAPHS)
4. During a financial statement audit, the auditor should pay special attention to fraud risk factors that increase the probability of fraudulent financial reporting or defalcation. (ANSWER IN ONE - TWO PARAGRAPHS) Discuss in detail, any three such fraud risk factors.
5. When do ethical conflicts arise for an AICPA member? Discuss in own words, what the member should do when such conflicts arise.(ANSWER IN ONE - TWO PARAGRAPHS)
6. Discuss any four circumstances when the independence of a covered member (under AICPA Code of Professional Conduct) is impaired.(ANSWER IN ONE - TWO PARAGRAPHS)
7. Under which Act of Congress was PCAOB established? To whom does it report? What are its primary duties?(ANSWER IN ONE - TWO PARAGRAPHS)
8. What is the role of the General Accountability Office (GAO). What are the ethical principles to keep in mind when applying Generally Accepted Government Auditing Standards?(ANSWER IN ONE - TWO PARAGRAPHS)
9. What do you understand by the term 'Segregation of duties'? Under which component of Internal Control-Integrated Framework (2-13) does 'Segregation of Duties' fall? How does segregation of duties help in mitigating fraud risk? (ANSWER IN ONE - TWO PARAGRAPHS) Discuss using an example.
10. What is an Audit Committee? Discuss the provisions of Sarbanes Oxley Act regarding its duties and its membership. (ANSWER IN ONE - TWO PARAGRAPHS)
11. Do Government Regulations such as Dodd-Frank Act and Sarbanes Oxley Act help ethical behavior in businesses and accountants? Discuss.(ANSWER IN ONE - TWO PARAGRAPHS)

• Please ANSWER each question in one to two paragraphs (more than five sentences each) !! And add references AND LINK PLEASE !!
• THANK YOU !!