Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 3, Problem 29CYBK
To determine
Introduction: Monitoring is a procedure that gives input on the adequacy of each of the five parts of inner control. The board chooses a blend of progressing assessments, separate assessments, or a blend of the two to achieve monitoring.
To state: If the given statement is true or false.
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b) Currently, most governments worldwide require business organization to Comply with automated financial controls that are more advanced that previous manual controls. Using suitable illustration, show how any organization of your choice has complied to this requirement
Question 9
Management of US Public Companies may provide a public report on the effectiveness of their organization's internal control over financial reporting, but management is not required to do so
True
False
Explain how the purposes and principles of internal controls are different between accounting systems reporting under IFRS versus U.S. GAAP.
Chapter 3 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
Ch. 3 - Prob. 1CYBKCh. 3 - Prob. 2CYBKCh. 3 - Which of the following are affected by the quality...Ch. 3 - Prob. 4CYBKCh. 3 - Prob. 5CYBKCh. 3 - Prob. 6CYBKCh. 3 - What are the components of internal control per...Ch. 3 - Prob. 8CYBKCh. 3 - Prob. 9CYBKCh. 3 - The control environment is seen as the foundation...
Ch. 3 - Prob. 11CYBKCh. 3 - Which one of the following components of internal...Ch. 3 - Prob. 13CYBKCh. 3 - Prob. 14CYBKCh. 3 - Prob. 15CYBKCh. 3 - Prob. 16CYBKCh. 3 - Prob. 17CYBKCh. 3 - Prob. 18CYBKCh. 3 - Prob. 19CYBKCh. 3 - Prob. 20CYBKCh. 3 - Prob. 21CYBKCh. 3 - Prob. 22CYBKCh. 3 - Prob. 23CYBKCh. 3 - Prob. 24CYBKCh. 3 - Prob. 25CYBKCh. 3 - Prob. 26CYBKCh. 3 - Prob. 27CYBKCh. 3 - Prob. 28CYBKCh. 3 - Prob. 29CYBKCh. 3 - Prob. 30CYBKCh. 3 - Prob. 31CYBKCh. 3 - Prob. 32CYBKCh. 3 - Prob. 33CYBKCh. 3 - Prob. 34CYBKCh. 3 - Prob. 35CYBKCh. 3 - Prob. 36CYBKCh. 3 - Prob. 37CYBKCh. 3 - Prob. 38CYBKCh. 3 - Prob. 39CYBKCh. 3 - Prob. 40CYBKCh. 3 - Prob. 1RQSCCh. 3 - Prob. 2RQSCCh. 3 - Prob. 3RQSCCh. 3 - Prob. 4RQSCCh. 3 - Distinguish between entity-wide and transaction...Ch. 3 - Refer to Exhibit 3.2. List the principles...Ch. 3 - Prob. 7RQSCCh. 3 - Prob. 8RQSCCh. 3 - Prob. 9RQSCCh. 3 - Prob. 10RQSCCh. 3 - Refer to Exhibit 3.3. For each risk assessment...Ch. 3 - Prob. 12RQSCCh. 3 - Prob. 13RQSCCh. 3 - Prob. 14RQSCCh. 3 - Prob. 15RQSCCh. 3 - Prob. 16RQSCCh. 3 - Prob. 17RQSCCh. 3 - Prob. 18RQSCCh. 3 - Authorization of transactions is a key control in...Ch. 3 - Prob. 20RQSCCh. 3 - Prob. 21RQSCCh. 3 - Prob. 22RQSCCh. 3 - Prob. 23RQSCCh. 3 - Prob. 24RQSCCh. 3 - Prob. 25RQSCCh. 3 - Prob. 26RQSCCh. 3 - Prob. 27RQSCCh. 3 - Prob. 28RQSCCh. 3 - Refer to Exhibit 3.9. What are the important...Ch. 3 - Refer to Exhibit 3.10 and Exhibit 3.11. Describe...Ch. 3 - Prob. 31RQSCCh. 3 - Prob. 32RQSCCh. 3 - Prob. 33RQSCCh. 3 - Prob. 34RQSCCh. 3 - Assume that management is gathering evidence as...Ch. 3 - Prob. 36RQSCCh. 3 - Prob. 37RQSCCh. 3 - Prob. 38RQSCCh. 3 - Prob. 39RQSCCh. 3 - Prob. 40RQSCCh. 3 - Prob. 39FFCh. 3 - Diamond Foods, Inc. (LO 8, 9) In February 2012,...
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- Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.arrow_forwardThat companies must follow the laws and regulations including company law, tax law and environmental protection regulations requires what category of internal control objectives? Financial reporting Effective operations. Compliance Government reportingarrow_forwardDoes a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Explain.arrow_forward
- Government entities are interested in financial statements to determine compliance of business enterprises to regulations. True or Falsearrow_forwardSOX legislation calls for sound internal control practices over financial reporting and requires SEC-registered corporations to maintain systems of internal control that meet SOX standards. An integral part of internal control is the appropriate use of preventive controls. Which of the following is not an essential element of preventive control?a. separation of responsibilities for the recording, custodial, and authorization functionsb. sound personnel practicesc. documentation of policies and proceduresd. implementation of state-of-the-art software and hardwaree. physical protection of assetsarrow_forwardWhich of the following best describes the process of removing or reducing of governmental controls in the workings of the financial industry? 1) Financial deregulation. 2) Capital controls. 3) Market integration. 4) Financial contagion.arrow_forward
- Please describe the functions of company governance in mitigating risks while analyzing foreign financial statements using examples.arrow_forward{Auditing} 45. The audit is subjected to the guidelines provided under the International Standards on Auditing. From the statements enunciated here under identify which one of the options does not show the objective of auditing? a. Auditing enables an auditor in determination of the true and fair view of the financial position of an enterprise b. Auditing enables the auditor to prepare the financial statements of an entity c. Auditing enables an auditor to express an opinion on financial statements d. Auditing enables an auditor in determination of the true and fair view of the operating results of an enterprise.arrow_forwardIf an investment bank offers both underwriting/distribution functions and investment advisory or management functions, which situation would be acceptable under U.S. Securities and Exchange regulations and ethics guidelines with regard to material non-public information (MNPI)?arrow_forward
- Section 404(a) of the Sarbanes–Oxley Act requires management toissue a report on internal control over financial reporting. Identify the specific Section404(a) reporting requirements for management.arrow_forward84) To what do financial controls refer to? a) Controls on mergers and acquisition. b) Controls on financial strategy implementation c) Management processes including budgeting, goal-setting and external audits. d) Internal processes only.arrow_forwardWho is responsible for establishing auditing standards foraudits of U.S. public companies? Who is responsible for establishing auditing standardsfor U.S. private companies? Explainarrow_forward
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