2. Which of the following items is not an important consideration in.pdf

•

0 likes•3 views

2. Which of the following items is not an important consideration in an auditors evaluation of an entitys business risk? Select one: A. Auditing standards require the auditor to evaluate the entitys business risk in order to provide suggestions to improve the entitys profitability. B. The specific business risks that an entity faces may result in financial report errors and fraud. C. Auditing standards include many entity business risk factors that identify circumstances that increase the likelihood of material misstatements. D. Business risk factors affect the ability of an entity to be profitable and survive. 3. The internal control environment includes all of the following except: Select one: A. tests of control B. management philosophy and operating style C. human resource policies and procedures D. organisational structure 4. The internal control environment includes all of the following except: Select one: A. tests of control B. management philosophy and operating style C. human resource policies and procedures D. organisational structure.

Education

Similar to 2. Which of the following items is not an important consideration in.pdf

Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docx

co4spmeley

Hr Audit White Paper

Maria Macri

ACT 405 Auditing-Spring 2023; Test 1 35) Which of the following is not an important coesideration in an auditor's evaluation of A) The specific business risk an eetity faces that may result in financial statement errors an entity's business riak? B) Business risk factors that impact the abity of the entity to be profitable and survive. and fraud. C) Audit standaras include mpay entcy businesi tisk factors that identify circumstances: that increase the Mkelhood of materal misatatements D) Audin standards require the audtoe to evalunte the entity's busineis risk in order to provide suesestions to ingrove the enthy b proficabily. 39 Which of the following circunstaners mort lit ely would capse an auditor to believe that magerial misstafements may euist in an entity 's fesatcial st atements? A) Accounts receivabie confirmation requests y ledd significantly fever responses than expected. B) Audit trails of computer-gentratied trancactions exist only for a short time. C) The chief financial offices does not sige the management representation letter until the last day of the auditor' s fieldwork. D) Management consults with other aceountants abeut significant accounting matters. 491 The primary responsibility for preuteting fraud in an erganization lies with: A) the audit committee of the boued of directors. B) the internal audit function. C) the external auditoi. D) the organiration's management 41) All of the following cepresent an increased opportunity for manazement to commit. fraud except: A) significant related party transactions. B) the auditor's relationship with managtment is strained. C) managensent is dominated by a single persice. D) the finuncial statements include highly subjective estimates. 42.) The auditor can respond to an increased risk of fraud by doing alf of the following: extept: A) evaluating whether the accountine policies selected may be indicative of fraudulent financial reporting through eamingi management. B) assigning more experiented perysennel to the audit. C) increasing detection risk. D) taking steps to obtain more reliable evidence..

ACT 405 Auditing-Spring 2023- Test 1 35) Which of the following is not.pdf

yrajjoshi

Suggested Answers-Certificate Level (May-June 2017)

Sazzad Hossain, ITP, MBA, CSCA™

$ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%$ $ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%$

ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%

johnMilit

ACC 460 ACC/460 Final Exam 100% Correct

0_0klister

ACC 460 ACC/460 Final Exam 100% Correct

RieTian99

ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%

johnMilit

ACC 460 ACC/460 Final EXAM MCQ`s Correct Answers 100%

7593retzeth

ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%

johnMilit

Icab lectures chapter 13, Business and Finance, ICAB

Sazzad Hossain, ITP, MBA, CSCA™

CHAPTER 1: This list below indicated various audits, attestation, and other engagements involving auditors. 1. A report on the effectiveness of internal control over financial reporting as required by Section 404 of the Sarbanes-Oxley Act. 2. An auditor’s report on whether the financial statements are fairly presented in accordance with International Financial Reporting Standards. 3. An engagement to help a company structure a merger transaction to minimize the taxes of the combined entities. 4. A report stating whether the company has complied with restrictive covenants related to officer compensation and payment of dividends contained in a bank loan agreement. 5. A report on the effectiveness of internal controls at a company that provides payroll processing for other companies. 6. An examination report stating whether a company’s statement of greenhouse gas emissions is presented in conformity with standards issued by the World Business Council for Sustainable Development and the World Resources Institute. 7. Evaluating the voting process and certifying the outcome for Rolling Stones Magazine’s “Greatest Singer of All Time” poll. 8. A report indicating whether a governmental entity has compiled with certain government regulations. 9. A review report that provides limited assurance about whether financial statements are fairly stated in accordance with U.S. GAAP. 10. A report about management’s assertion on the effectiveness of controls over the availability, reliability, integrity, and maintainability of its accounting information system. 11. An evaluation of the effectiveness of key measures used to assess an entity’s success in achieving specific targets linked to an entity’s strategic plan and vision. Required a. Explain the relationships among audit services, attestation services, and other assurance and no assurance services provided by CPA’s. b. For each of the services listed above, indicate the type of service from the list that follows. (1) An audit of historical financial statements. (2) An attestation service other than an audit service. (3) An assurance or no assurance service that is not an attestation service. 1-21. Dave Czarnecki is the managing partner of Czarnecki and Hogan, a medium-sized local CPA firm located outside of Chicago. Over lunch, he is surprised when his friend James Foley asks, him, “Doesn’t it bother you that your clients don’t look forward to seeing their auditors each year?” Dave responds, “Well auditing is only one of several services we provide. Most of our work for clients does not involve financial statement audits, and our audit clients seem to like interacting with us.” a. Identify ways in which a financial statement audit adds value for clients. b. List other services other than audits that Czarnecki and Hogan likely provides. c. Assume Czarnecki and Hogan has hired you as a consultant to identify ways in which they can expand their practice. Identify at least one additional service that .

CHAPTER 1 This list below indicated various audits, attestation,.docx

zebadiahsummers

Running head: ACCOUNTING ACCOUNTING 2 Internal control and accounting systems Course Lecturer Institution City, State Date of submission Content page and report outline Title page Terms of reference Executive summary Methodology 1.0 Introduction 2.0 Analysis and evaluation of current system 2.1 Reviewing and evaluating accounting system 2.2 Conduct an ethical evaluation of the accounting systems 2.3 Conduct a sustainability evaluation of the accounting systems 3.0 Identifying weaknesses and making recommendations for improvement 4.0 Cost-Benefit analysis References Appendices I. Appendix 1: Cost-Benefit analysis II. Appendix 1: Organization Chart III. Appendix 1: SWOT Analysis Terms of reference The terms of reference of this document is to examine the current responsibilities of the internal control procedures versus the accounting systems as an obligation to detect and report the ever dynamic financial frauds that continue to dominate the integrated and contemporary commercial world. This document covers the academic demands of level four ISYS as a unit in accordance with the AAT accounting qualifications. In extension, the report critically reviews the Chic Paints limited especially its degree of commitment towards sustainability and equally highlights any possible issues are ethical in nature and prevails in the current commercial world. Finally, this report examines the matters surrounding the standards that are eminent in the Chic paints limited as well as the accounting practices thereby suggesting recommendations to assist arrest the situation. Executive summary This report addresses various internal control guidelines in light of the accounting systems that Chic Paints ltd organization uses especially when preparing its financial statements. In the first section, the document presents an analysis of the role taken by the accounting department within the Chic Paints ltd organization. Here, matters surrounding the accounting systems such as structure, organization and procedures regarding the accounting systems, the various functions of the financial statement as well as the external relationship and business environment are vividly developed. In the proceeding section, the use and the significance of the internal control in regard to external regulations is discussed. This part also shades more light on the possible causes, common kinds of financial frauds, techniques of detecting financial misstatements as well as the inherent impacts to the organization. Conversely, the essence of devising control types that dictate company compliance with the organizational together with regulatory requirements in support of the systems of accounting, are explored. Section three opens out the discussion of Chic Paints ltd's accounting systems in addition to its possible areas of emphasis and improvement. A critical review, evaluation and assessment of systems of record keeping, risk areas and operating methods for sp ...

Running head ACCOUNTINGACCOUNTING 2Internal control a.docx

joellemurphey

Chapter 4

bugbuster123

1. According to The IIA Glossary appended to the Standards, which of the following are most directly designed to ensure that risks are contained? A. Control processes. B. Internal audit activities. C. Governance processes. D. Risk management processes. 2. An internal auditor is examining inventory control in a merchandising division with annual sales of US $3,000,000 and a 40% gross profit rate. Tests show that 2% of the monetary amount of purchases do not reach inventory because of breakage and employee theft. Adding certain controls costing US $35,000 annually could reduce these losses to .5% of purchases. Should the controls be recommended? A.No, because the cost of the added controls exceeds the projected savings. B.Yes, because the projected saving exceeds the cost of the added controls. C.Yes, regardless of cost-benefit considerations, because the situation involves employee theft. D.Yes, because the ideal system of internal control is the most extensive one. 3. The manager of a production line has the authority to order and receive replacement parts for all machinery that requires periodic maintenance. The internal auditor received an anonymous tip that the manager ordered substantially more parts than were necessary from a family member in the parts supply business. The unneeded parts were never delivered. Instead, the manager processed receiving documents and charged the parts to machinery maintenance accounts. The payments for the undelivered parts were sent to the supplier, and the money was divided between the manager and the family member. Which of the following internal controls would have most likely prevented this fraud from occurring? A. Using the company’s inventory system to match quantities requested with quantities received. B. Establishing predefined spending levels for all vendors during the bidding process. C. Comparing the bill of lading for replacement parts to the approved purchase order. D. Segregating the receiving function from the authorization of parts purchases. 4. The requirement that purchases be made from suppliers on an approved vendor list is an example of a A. Monitoring control. B. Detective control. C. Corrective control. D. Preventive control. 5. The risks created by rapid changes in IT have not affected which concepts of internal control? 1. Cost-benefit analysis 2. Control environment 3. Reasonable assurance 4. Management’s responsibility A. 1 and 2 only. B. 3 and 4 only. C. 2, 3, and 4 only. D. 1, 2, 3, and 4. 6. Which of the following should the auditor recommend as the most economical point at which to correct input errors in an online system? A. Output data are balanced with computer-produced control totals and delivered to the user. B. Entry of data into each field of a record is completed. C. Entry of data into each record is completed. D. Input data are balanced with computer-produced control totals. 7. Management is concerned with the potential for unauthorized ...

1.According to The IIA Glossary appended to the Standards, which.docx

paynetawnya

Article on audit committee and financial reporting in corporate

SujathaN8

Narayan Murthy Committee on Corporate Governance.pptx

VijethPatavardhan

Hr audit white_paper

atirem

Introduction of Assurance

Sazzad Hossain, ITP, MBA, CSCA™

Internal Auditors’ Roles and Responsibilities

Salih Islam

Similar to 2. Which of the following items is not an important consideration in.pdf (20)

Week 5 Homework QuestionsQuestions 1 and 2 were taken directly f.docx

Hr Audit White Paper

ACT 405 Auditing-Spring 2023- Test 1 35) Which of the following is not.pdf

Suggested Answers-Certificate Level (May-June 2017)

$ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%$ $ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%$

ACC 460 ACC/460 Final EXAM MCQ\s Correct Answers 100%

ACC 460 ACC/460 Final Exam 100% Correct

ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%

ACC 460 ACC/460 Final EXAM MCQ`s Correct Answers 100%

ACC 460 ACC460 Final EXAM MCQ`s Correct Answers 100%

Icab lectures chapter 13, Business and Finance, ICAB

CHAPTER 1 This list below indicated various audits, attestation,.docx

Running head ACCOUNTINGACCOUNTING 2Internal control a.docx

Chapter 4

1.According to The IIA Glossary appended to the Standards, which.docx

Article on audit committee and financial reporting in corporate

Narayan Murthy Committee on Corporate Governance.pptx

Hr audit white_paper

Introduction of Assurance

Internal Auditors’ Roles and Responsibilities

More from familytradeknr

7.2 Common Equity Issue. Assume that a start-up manufacturing company raises capital through a series of equity issues. a. Using the financial statement template below, summarize the financial statement effects of the following transactions. Identify the account affected and use plus and minus signs to indicate the increases and decreases in the specific element of the balance sheet (assets, liabilities, components of shareholders equity). (1) Issues 100,000 shares of $1 par value common stock for $10 per share..

7.2 Common Equity Issue. Assume that a start-up manufacturing company .pdf

familytradeknr

7 - 21) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2022, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for all of 2022 through their state exchange but did not elect to have the credit paid in advance. The 2022 Form 1095-A that the Collins received from the exchange lists the following information: Compute the Collins' premium tax credit for 2022. Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar. Annual premiums$9,800Annual premium for the designated benchmark plan in the state$10,800.

7 - 21) Susan and Stan Collins live in Iowa, are married and have tw.pdf

familytradeknr

6 Problem 13-4A (Algo) Analyzing changes in stockholders equity acc.pdf

familytradeknr

4.1 Briefly discuss the ethical dilemmas project managers might encounter when embarking on a project. (8) 4.2 Global Green Books Publishing wants to develop their supervisors to be more effective leaders. Samantha has been appointed as the project manager and has taken steps to develop some of the team members to become more effective leaders. Discuss the characteristics project managers need to be successful. Then, identify TWO leadership qualities Samantha is exhibiting. (14).

4.1 Briefly discuss the ethical dilemmas project managers mig.pdf

familytradeknr

4. Consider a two person (1 and 2), two good (A and B) exchange economy. Social welfare for the economy is: W=U1+U2. a) Draw social indifference curves for the economy in question. What is the rate at which society is willing to trade one persons welfare for another? b) Suppose that person 1s utility function is U1=A+2B and person 2s utility function is U2=3A+B. Suppose that each person is endowed with 15 units of goods A and B (making a total of 30 units in the economy). Determine the optimal allocation in the economy, under the condition that both individuals receive at least as much utility as their endowed consumption bundle. NOTE: The marginal utilities for person 1 are: MUA=1, MUB=2. The marginal utilities for person 2 are: MUA=3, MUB=1. c) Suppose social welfare is now characterized as: W=min(U1,U2), re-do part B. Describe how the optimal allocations change and why..

4. Consider a two person (1 and 2), two good (A and B) exchange econ.pdf

familytradeknr

4. Basic research is: a. research intended to enhance basic knowledge about the physical, biological, psychological, or social world or to shed light on historical, cultural, or aesthetic phenomena. b. large scale research performed under contract with universities and governmental agencies c. informal research conducted locally by a small staff with a small budget, the purpose of which is to pave the way for larger research initiatives. d. research intended to address issues that have immediate relevance to current practices, procedures, and policies..

4. Basic research is a. research intended to enhance basic knowledg.pdf

familytradeknr

18. Which of the following statements is most correct? a. In a private placement, securities are sold to private (individual) investors rather than to institutions. b. Private placements occur most frequently in stock issues, but bonds can also be sold by private placement. c. Private placements are convenient for issuers, but the convenience is offset by higher flotation costs. d. The SEC requires that all private placements be handled by an investment banker. e. None of the answers above is correct..

18. Which of the following statements is most correcta. In a priv.pdf

familytradeknr

2. Ben Cohen and Jerry Greenfield, the founders of Ben and Jerry's, decide that they want to come up with new flavors in March. The success of their new flavors will depend upon how hard Ben and Jerry end up working. Both want to have successful flavors, but neither wants to work. Ben works the first two weeks of March, and Jerry works the second two weeks. Both want to have successful flavors, but neither wants to work. Because Jerry works second, he sees how much work Ben put in. If both work hard, they both receive payoffs of 50. If Ben works hard and Jerry doesn't, Ben receives payoff 40 and Jerry receives payoff 60. If Ben doesn't work hard but Jerry does, Ben receives payoff 65 and Jerry receives payoff 45. If neither work hard, they both receive payoff 30. a) Depict the decisions of Ben and Jerry in the form of an extensive game tree. b) Using backwards induction, what is the Subgame Perfect Nash Equilibrium? c) Suppose that Ben and Jerry swap work weeks so that Jerry works the first two weeks and Ben works the second two. Thus, Ben observes how hard Jerry worked. What is the new game tree and the new Subgame Perfect Nash Equilibrium? 2. Ben Cohen and Jerry Greenfield, the founders of Ben and Jerry's, decide that they want to come up with new flavors in March. The success of their new flavors will depend upon how hard Ben and Jerry end up working. Both want to have successful flavors, but neither wants to work. Ben works the first two weeks of March, and Jerry works the second two weeks. Both want to have successful flavors, but neither wants to work. Because Jerry works second, h sees how much work Ben put in. If both work hard, they both receive payoffs of 50 . If Ben works hard and Jerry doesn't, Ben receives payoff 40 and Jerry receives payoff 60 . If Ben doesn't work hard but Jerry does, Ben receives payoff 65 and Jerry receives payoff 45 . If neither work hard, they both receive payoff 30. a) Depict the decisions of Ben and Jerry in the form of an extensive game tree. b) Using backwards induction, what is the Subgame Perfect Nash Equilibrium? c) Suppose that Ben and Jerry swap work weeks so that Jerry works the first two weeks and Ben works the second two. Thus, Ben observes how hard Jerry worked. What is the new game tree and the new Subgame Perfect Nash Equilibrium?.

2. Ben Cohen and Jerry Greenfield, the founders of Ben and Jerrys, .pdf

familytradeknr

2. Mai knows that university students often do not make good decisions in areas where they have little knowledge. She also knows that most of them have little knowledge about Career path. Therefore, Mai believes that students are likely to make poor decisions about Selecting their career. This is an example of: a. inductive reasoning. b. theory building. c. problem solving. d. deductive logic. 3. The primary reason to seek research articles published in academic journals, rather than those posted by the author on the Internet, is that: a. they have been carefully selected after an extensive review by experts. b. they are more likely to follow the scientific method. c. they tend to focus on the most important topics in the field. d. they are more objective and show fewer pitfalls in human reasoning. 4. Basic research is: a. research intended to enhance basic knowledge about the physical, biological, psychological, or social world or to shed light on historical, cultural, or aesthetic phenomena. b. large scale research performed under contract with universities and governmental agencies c. informal research conducted locally by a small staff with a small budget, the purpose of which is to pave the way for larger research initiatives. d. research intended to address issues that have immediate relevance to current practices, procedures, and policies. 5. Three of the following are characteristics of a well-written research problem. Which one is NOT? a. The problem statement includes the researchers hypothesis. b. The problem statement clearly delimits the object(s) of study. c. The problem statement identifies the important factors to be investigated in the study. d. The problem statement explicitly identifies assumptions. 6. Hadeer analyzed data and found that explicitly teaching reading strategies improves students performance on standardized tests. In this study, explicit teaching of reading strategies is a. An independent variable b. A dependent variable c. A mediating variable d. A moderating variable 7. Marcoss study suggested that elementary students who watch TV more than three hours a day are more likely to be overweight than students who watch less TV. In this study, students weight is a. An independent variable b. A dependent variable c. A mediating variable d. A moderating variable 8. The primary purpose for completing a thorough literature review as part of a research study is to: a. become more knowledgeable in your area of research b. provide evidence that your hypothesis is correct. c. help you interpret your own findings. d. point you toward the proper method to use. 9. A proposal for a quantitative study typically begins with: a. a statement of the problem and its setting. b. a review of the literature on this topic. c. the hypotheses and operational definitions. d. an abstract summarizing the entire study. 10.Which of the following represents a research hypothesis? a. Class A high school basketball teams who employ a sports psyc.

2. Mai knows that university students often do not make good decisions.pdf

familytradeknr

10-54 Meaning of Stock Splits and Dividends A January 31 announcement to shareholders of Premier Financial, a California savings and loan company, stated that the company had good news for stockholders. The announcement went on to explain that the board raised the quarterly cash dividend 12% and then declared a five-forfour stock split in the form of a 25% stock dividend. The additional shares were to be distributed on March 15 to shareholders of record on February 15. On March 16, the board approved a merger between Premier Financial and a large U.S. steel company. The agreement called for a cash payment of $33.60 on each outstanding United Financial share. The original offer (in early February) was $42 per share for the 5.8 million shares outstanding. 1. As a recipient of the letter of January 31, you were annoyed by the five-for-four stock split. Prepare a letter to the chairman indicating the reasons for your displeasure. 2. Prepare a response to the unhappy shareholder in requirement 1. 3. A shareholder of Premier Financial wrote to the chairman in early March: Im confused about the change in the agreed upon price per share. I owned 100 shares and thought Id receive $4,200. Now the price has dropped from $42.00 to $33.60. Prepare a response to the shareholder..

10-54 Meaning of Stock Splits and Dividends A January 31 announcem.pdf

familytradeknr

More from familytradeknr (10)