Question

1. Reduce the risk of error, theft, and fraud and safeguard assets: A. requirement of Sarbanes-Oxley...

1. Reduce the risk of error, theft, and fraud and safeguard assets:

A. requirement of Sarbanes-Oxley Act

B. purpose of internal control

C. merchandising operating cycle

D. cash management

2.

Outside auditors must decrease their dependency on their clients:

A. requirement of Sarbanes-Oxley Act

B. purpose of internal control

C. fraud triangle

D. cash management

Business   Accounting   
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Homework Answers

Answer #1

(1)

OPTION: purpose of internal control

EXPLANATION:

Internal control systems are established for prevention and detection of frauds and errors, efficiency & effectiveness of operations, to safeguard assets etc

(2)

OPTION: purpose of internal control

EXPLANATION:

Internal control systems are established for prevention and detection of frauds and errors, efficiency & effectiveness of operations, to safeguard assets so that auditor need not depend upon his client for the information about these aspects

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