7. Which of the following involves coordinating the company’s activities a smooth-running operation? a. Auditing b. Controlling c. Planning d. Directing
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PLEASE ANSWER ALL
7. Which of the following involves coordinating the company’s activities a smooth-running operation?
a. Auditing
b. Controlling
c. Planning
d. Directing
8. Which of the following statement about internal reports is true?
a. Most internal reports are summarized rather than detailed.
b. Internal reports focus on general purpose needs of users.
c. The content of internal report extends beyond the double-entry accounting system.
d. Internal reports are often very general.
9. Which one of the following describes internal reports?
a. They are often audited by CPAs.
b. They are highly regulated by SEC.
c. They are aggregated.
d. They are detailed.
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Solved in 2 steps
- {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives identify which one is not a part of administrative control? a. Quality control b. Time studies c. Motion Studies d. Self-balancing ledger8. Which of the following statement about internal reports is true?a. Most internal reports are summarized rather than detailed.b. Internal reports focus on general purpose needs of users.c. The content of internal report extends beyond the double-entry accounting system.d. Internal reports are often very general. 9. Which one of the following describes internal reports?a. They are often audited by CPAs.b. They are highly regulated by SEC.c. They are aggregated.d. They are detailed.Which of the following is not a function of an Accounting information system? Select one: a. The supply of information useful for making decisions. b. The efficient and effective collection and storage of data concerning an organizations financial activities. c.The determining and evaluating of alternative courses of action d. The implementation of controls to accurately record and process data
- From an IT audit perspective, Business Continuity Plan (BCP) completeness reflects the current state of operations (in other words, changes to the plan are made timely) a) True b) FalseWhich of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the aboveWhich of the following activities should the internal audit function NOT be involved in?a. Monitoring of management's performanceb. Reviewing adequacy of management information for decision-making purposesc. Taking responsibility for the implementation of a new sales ledger systemd. Assessing compliance with regulation Internal auditors may not perform:a. Audits of financial statements resulting in reports intended for management’s use only.b. Integrated audits leading to an audit opinion issued in accordance with PCAOB standards.c. Forensic audits.d. All of the above. An “integrated audit”, as required by Sarbanes-Oxley Act for U.S. public companies,includes an audit ofa. The company’s internal controlsb. The company’s financial statementsc. The company’s compliance with its rules and policiesd. Both A and B The auditor’s opinions on the effectiveness of internal control over financial reporting (ICFR) in anintegrated audit in accordance with PCAOB AS include the following types…
- 5. During a systems audit, the system performance is compared to Styles Editing VoicE a similar systems b. newer systems Sensutivity c. the design specifications d. competing systems 6. Enterprise resource planning (ERP) represents a The system that integrates financial data with non financial operatiing data. b. The system that integrates only financial aspects of business activities. The system that integrates only non-financial aspects of business activities d. The system that integrates financial aspects of a company's operations with its traditional AIS. C. 7. The components of IT should include: a Software, people, data, and information technology infrastructure, People, procedures, data, and information technology infrastructure. Hardware. software, data, networks, and people. d People, data, IT infrastructure, and internal control measures. Ic.9. A working paper should contain, except: * A. Client's name B. Balance sheet date for real accounts C. Tick marks for audit procedures applied D. Appropriate cross-referencing E. None of them13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companies
- {Auditing} 25. _________________are tests involved in obtaining evidential matter on items included in an account balance or class of transactions. a. Test of Control b. Analytical procedures c. All the options d. Tests of details5. If an audit firm is giving advice on accounting or control systems and helping the client with calculations of numbers in the Financial Statements, then auditing it. You are required to identify from the following threats to objectivity does the above circumstance gives rise to? 1. Intimidation threat 2. Self-review threat a. 1 only b. Both 1 and 2 c. Neither 1 nor 2 d. 2 only1. This is the evaluation of activities, systems, and controls within an enterprise for efficiency, effectiveness, and economy. * a Financial audit b. Compilation review c. Compliance audit d. Operations audit 2. The objectives of an operations audit are established based on the following, except: * a. the scope and potential risks. b. characteristics of products, processes, projects, and any changes to them. d. management systems, contractual, and legal requirements management goals and priorities 3.These performance measures draw attention to unfairness of potential social irresponsibility in terms of corporate policy and practice. * a. Efficiency performance measures b. Economy performance measures c. Effectiveness performance measures d. Equity performance measures 4. One of the activities of management to promote operations audit of efficiency is project and…