Question

Which of the following statements is true? Select one: When one individual is responsible for all...

Which of the following statements is true?

Select one:

When one individual is responsible for all related activities, the potential for errors and irregularities is decreased.

Control activities are most effective when several people are responsible for a given task.

Risk assessment is one component of a good system of internal control.

A good system of internal control does not require monitoring.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Risk assessment is one component of a good system of internal control.
Risk assessment involves analyzing risks involved and managing and eliminaing those risks.
When one individual is responsible for all related activities, the risk of errors and fraud is increased.
Control activities are most effective when one one people is responsible for a given task.
A good system of internal control requires regular monitoring
Option C is correct
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following statements about the 2013 COSO IC component Monitoring is true? Select one:...
Which of the following statements about the 2013 COSO IC component Monitoring is true? Select one: a. The scope of monitoring should be dictated by how managers assess the risk of an internal control not functioning as designed b. Guidance on Monitoring Internal Control Systems (GMICS) suggests that the internal audit department should be in charge of reviewing internal controls every year c. The design and operation of controls should be overseen preferably by top-level managers d. Effective monitoring is...
Which of the following statements about the annual report are true? (Select all that apply.) Check...
Which of the following statements about the annual report are true? (Select all that apply.) Check All That Apply Annual reports of public companies include an assessment of the company’s internal control procedures. Annual reports of public companies include an assessment of the company’s internal control procedures. The company’s auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report. The company’s auditor prepares the financial statements while its management prepares the...
Which of the following statements is FALSE? Select one: a. Owning stock in the company and...
Which of the following statements is FALSE? Select one: a. Owning stock in the company and having a compensation package that is sensitive to the performance can better align the interest of managers with the benefit of the shareholders. b. The model proposed by Tirole (2006) illustrates that less project will be financed by outside investors when there are corporate governance mechanisms in place to monitor the managers. Because outside investors will have to cover the expense of monitoring that...
3.              Which of the following statements about understanding internal control is not true:                a. T
3.              Which of the following statements about understanding internal control is not true:                a. The auditor uses the knowledge of the system of internal control to design further audit procedures to collect evidence.                b. In the presence of a strong system of internal control, the auditor may choose to collect less evidence about transactions or balances.                c. In the audit of a private company, it is necessary to express an opinion on the system of internal control...
20) Which of the following is the best reason for management to emphasize fraud prevention and...
20) Which of the following is the best reason for management to emphasize fraud prevention and deterrence?         A) The AICPA requires management to implement a fraud prevention program. B) It is often more effective and economical for companies to focus on fraud prevention and deterrence rather than on fraud detection. C) Collusion is impossible to detect. D) All of the above are equally valid reasons. 21) Who is responsible for setting the "tone at the top"? A) SEC                                 B)...
Which of the following statements are true Select one: a. Indigenous Australians are 1.7 times more...
Which of the following statements are true Select one: a. Indigenous Australians are 1.7 times more likely than non-indigenous Australians to have a disability b. When indigenous people have heart attacks they are more than twice as likely to die from the heart attacks as a non-indigenous counterparts c. When indigenous people are admitted to hospital following a heart attack there is a 40% lower rate of being investigated by angiographic coronary angioplasty or stent procedures d. The research shows...
When adding two 8 bit binary numbers, which of the following statements is true? Select one:...
When adding two 8 bit binary numbers, which of the following statements is true? Select one: a. All bits are shifted to the right by one place, giving a 7 bit number b. The result might require 16 bits to store c. The result will require the same bits as the larger number d. The result might require 9 bits to store e. The result will also be a 8 number
Which of the following statements are true? There are several, select all that are correct. Consider...
Which of the following statements are true? There are several, select all that are correct. Consider each statement on its own separate from the others listed. Question 12 options: Two reasons why financial management of a multinational company differs from that of purely domestic firms are: (1) different economic systems and (2) political risk In a monetary system with floating exchange rates, the exchange rate between two countries is determined by the relative supply and demand for their currencies Exchange...
Which of the following is NOT one of the five COSO (Committee of SponsoringOrganizations of the...
Which of the following is NOT one of the five COSO (Committee of SponsoringOrganizations of the Treadway commission) components: The control environment The entity’s risk assessment process. The information system and related business processes relevant to financial reporting andcommunication. Financial reporting objectives Control activities When performing a substantive analytical procedure the first step in the decision process is todevelop a(n) _______________ for the amount or account balance. Trend pattern Ratio analysis Expectation Assertion
TO-DO LIST QUESTIONS 1.In a well designed internal control system which of the following is an...
TO-DO LIST QUESTIONS 1.In a well designed internal control system which of the following is an example of general authorization? A. acceptance of special orders B Granting of credit C. Two signatures on large denominated checks D.All of the above are examples of specific authorization circumstances 2.As an in-charge auditor you are reviewing a communication about reportable conditions related to internal control over cash receipts and disbursements. Which of the following conditions, standing alone, should cause you the most concern?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT