Question: Question 12 (January 2017) Internal control is defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide

Question 12 (January 2017) Internal control is defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of certain objectives. Required: (a) Identify the THREE (3) objectives of an internal control system mentioned above. (6 marks) (b) Explain management's and auditor's respective responsibilities regarding internal control. (10 arks) (c) Analyze the impact of high control risk assessed by the auditor towards the nature, timing and extent of substantive procedures. (9 marks) (Total 25 marks)

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!

Please just help me correct the ones that I got wrong. Please, and thank you. The corrections are in the file seboprincess00322885. I made some corrections already so if you come across them, just...

Working on a final paper evaluating General Motors Co, corporate performance. Attached is the outline of the assignment along with GM financial annual statement. Evaluation of Corporate Performance...

please do 3, 4, and 5(there is no additional information) 3. Read the auditor's opinion. What firm signed the audit report? What are the audit firm's responsibilities with respect to the audit...

please do question (no additional information) 5. Identify any mention of internal control. List internal controls over cash disbursements. Report of Independent Registered Public Accounting Firm To...

Could you finish this for me? I made it to page 5, but I am running short on time and my conceptualization is lacking. If not, maybe help me figure it out? Annual Report Project Lowe's Companies,...

25) MicroSoft's Operations and Financial results are subject to various risks and uncertainties. Name five of the risks. There are 21 of these risks listed in the annual report, just select five. 26)...

2:03 MSFTFiscal2009_filed2010_0001193... ... 84 of 137 Table of Contents PART II Item 8 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Microsoft...

Research Paper: Topic: Why did the traditional financial risk approaches, methods, and tools fail in the financial market meltdown of 2008 - 2009? Discuss questions DQ #1: How has fair value...

GOVERNMENT ACCOUNTING AND AUDITING Kindly answer the following: Government Accounting is defined as the composite process of analyzing, recording, classifying, summarizing and communicating all...

Calculate the mean kinetic energy of a harmonic oscillator by using the relations in Table 9.1.

The following table shows four ratios derived from the financial statements of three real companies, labeled A, B, and C in the table. (They are not listed in the table in any particular order.) The...

Which of the following is NOT a package of many different securities that you can buy as one unit? Bonds ETFs Mutual Funds These are all packages of different securities

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...