Auditing > QUESTIONS & ANSWERS > Auditing A Risk Based Approach To Conducting A Quality Audit 10Th Edition | Download for qua;ity gra (All)

Auditing A Risk Based Approach To Conducting A Quality Audit 10Th Edition | Download for qua;ity grades |

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Chapter_3_Internal_Control_Over_Financial_Reporting_Responsibilities_of_Management_and_t he_External_Auditors 1. Internal control is a process designed to guarantee the achievement of the objectives... of reliable financial reporting, compliance with laws and regulations and ineffective and inefficient operations. a. True b. False ANSWER: False POINTS: 1 NATIONAL STANDARDS: United States – BUSPORG: Analytic STATE STANDARDS: United States – AK – AICPA BB-Critical thinking TOPICS: COSO: A Framework for Internal Control 2. Internal control is a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. a. True b. False ANSWER: True POINTS: 1 NATIONAL STANDARDS: United States – BUSPORG: Analytic STATE STANDARDS: United States – AK – AICPA BB-Critical thinking TOPICS: COSO: A Framework for Internal Control 3. The quality of an organization’s internal control will affect both the audit approach and the amount of testing needed for an engagement. a. True b. False ANSWER: True POINTS: 1 NATIONAL STANDARDS: United States – BUSPORG: Analytic STATE STANDARDS: United States – AK – AICPA BB-Critical thinking TOPICS: COSO: A Framework for Internal Control 4. Control activities are the component of internal control that includes control actions that have been established by policies and procedures a. True b. False ANSWER: True POINTS: 1 NATIONAL STANDARDS: United States – BUSPORG: Analytic STATE STANDARDS: United States – AK – AICPA BB-Critical thinking [Show More]

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