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Which of the following describes the internal control component "monitoring of controls"?
Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate.
- Monitoring of controls is the "tone at the top" of the business.
- Monitoring of controls is designed to ensure that the business's goals are achieved.
- A company must identify its risks.
What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?
Describe the broad purposes of analytical procedures. When are analytical procedures required during an audit? Explain why auditors use analytical procedures extensively in all parts of the audit.
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
What do you see as the primary cause of the auditing problems that led to the Enron scandal? Who do you believe carries the moral responsibility for those failures? Why?
State whether Event is adjusting or non-adjusting event.
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Discuss how auditing may have played a role in the failure of Tyco International. How did the audit process potentially contribute to the firm's failure?
You are required to identify a current controversy relating to Auditors' Independence.
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