What are some key elements of internal control

Assignment Help Accounting Basics
Reference no: EM13824043

Why do auditors have to consider the internal controls of the organization?  What are some key elements of internal control?  Which are the most important?  How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions? 

Reference no: EM13824043

Questions Cloud

How are the three risks that makeup audit risk interrelated : Why do certain accounts have to be audited 100%? Why is materiality allocated only to those accounts that are sampled? Is any component of audit risk within the control of the auditor? Explain. How are the three risks that make up audit risk inter-re..
What standards apply to each service : An example of each type of service Who might request such a service? What standards apply to each service and who establishes those standards?
What are the two types of audit tests : What are the two types of audit tests?  What are some examples of each of these two types of tests?  How will the auditor use the data gathered from these tests?
What sources of information can an auditor use : How are the analytical procedures used in an audit engagement?  What premise underlies the use of analytical procedures in auditing?  What sources of information can an auditor use to develop expectations?  Please provide examples.
What are some key elements of internal control : Why do auditors have to consider the internal controls of the organization?  What are some key elements of internal control?  Which are the most important?  How will the auditor have to modify the audit program if the internal controls are deemed ina..
Explain the nature and functions of auditing : Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting ..
What is the most recent litigation brought by the sec : What is the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is the most re..
Reinforce your knowledge of strategic planning : Prepare a report for the board of directors on how to address the proposed funding cuts while remaining sensitive to the needs and health of the community and your patients. In your report, reflect on the key course objectives as well as the financia..
Would you select preferred stock as an investment : Why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investment? Why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Exercise 16-2 determining the present value of a lump-sum

exercise 16-2 determining the present value of a lump-sum future cash receipt stan sweeney turned 20 years old today.

  How can one contribute appreciated property without gain

Relative to corporate formation, how can one contribute appreciated property without gain recognition to the transferor?

  Compute both direct labor cost and direct materials cost

victory company uses weighted-average process costing to account for its production costs. direct labor is added evenly

  Calculate the net present value of investment

1. Calculate the net present value of this investment. 2. Calculate the accrual accounting rate of return on initial investment for this project.

  Facts relate to becker inc postretirement benefits plan for

facts relate to becker inc. postretirement benefits plan for 2011 service cost 126000 discount rate 10 epbo january 1

  Amount of investigation costs

She incurs expenses of $18,000 (accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to loan her the money required to start the business. What amount of these investigation costs can Juliet deduct ..

  Summer fun t-shirt shop has very seasonal sales for 2012

summer fun t-shirt shop has very seasonal sales. for 2012 management is trying to decide whether to establish a sales

  Why is it important to keep paid-in capital separate from

1. why is it important to keep paid-in capital separate from earned capital?2. as an investor is paid-in capital or

  What are the primary differences between a public charity

what are the primary differences between a public charity and a private foundation? are the federal reporting

  Assume that manufacturing overhead for glassman company in

calculating activity-based costing overhead ratesassume that manufacturing overhead for glassman company in the

  In the cocktail lounge at fribbes hotel a straight shot of

in the cocktail lounge at fribbes hotel a straight shot of irish whiskey is 1 12 ounces. the purchase price for 1 liter

  Preble company manufactures one product its variable

preble company manufactures one product. its variable manufacturing overhead is applied to production based on direct

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd