Internal control Archives

List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Posted on February 11, 2023 by Assessments

Design and Performance Format Audit Procedures 1. What three types of authorizations are commonly used as internal controls for sales? Explain the importance of each. 2. List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Which of the following is an example of an operation deficiency in internal control?

Posted on February 11, 2023 by Assessments

The following questions deal with deficiencies in internal control. Choose the best response. a. An internal control deficiency may be defined as a condition in which material mis- statements would ordinarily not be timely detected by (1) auditors in assisting control risk. (2) the controller reconciling the general ledger. (3) employees in normal course of […]

What four types of procedures are used by auditors to test whether internal controls are operating effectively?

Posted on February 10, 2023 by Assessments

PCAOB IDENTIFIES DEFICIENCIES IN AUDITS OF INTERNAL CONTROL OVER FINANCIAL REPORTING 1. Describe the four steps performed by the auditor when obtaining an understanding of internal control and assessing control risk.2. What is the purpose of a control risk matrix?3. What four types of procedures are used by auditors to test whether internal controlsare operating […]

Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.

Posted on November 2, 2022 by Assessments

Q2. Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer. Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts.

Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.

Posted on October 31, 2022 by Assessments

Q2.Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer. Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts 4- Write […]

Go a local store and observe the internal controls in action in a business.Describe the internal control , the objective of the control and how the control relates to the accounting records.

Posted on June 28, 2021June 28, 2021 by Ambrose

The students are to go a local store and observe the internal controls in action in a business. The student is to describe the internal control , the objective of the control and how the control relates to the accounting records. Indicate the business that you observed. The report should be 2-4 pages with at […]

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Tag: Internal control

List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Which of the following is an example of an operation deficiency in internal control?

What four types of procedures are used by auditors to test whether internal controls are operating effectively?

Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.

Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.

Go a local store and observe the internal controls in action in a business.Describe the internal control , the objective of the control and how the control relates to the accounting records.