Internal controls of the organization

Assignment Help Accounting Basics
Reference no: EM13153283

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: EM13153283

Questions Cloud

Verify the computer0s calculations by checking interval : Verify the computer"s calculations by checking the interval given for the first sample against your result in (b). Use the x reported by the software. (d) How many of the 25 confidence intervals contain the true mean = 460?
Advantage of short-term price changes : Securities that are purchased with the intent of selling them in the near future to take advantage of short-term price changes are classified as:
What is the haploid chromosome number in humans : What is the diploid chromosome number in humans and Where in the body could you find a cell with the diploid number of chromosomes?
Explain nontechnical language what a significant difference : Explain briefly and in nontechnical language what "a significant difference (P
Internal controls of the organization : 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..
Find mean number of people saved by first program : Find the mean number of people saved by the first program. (b) Tversky then offered a different choice. One program has probability 1/2 of saving all 600 and probability 1/2 of losing all 600.
What is the haploid chromosome number in humans : What is the diploid chromosome number in humans and Where in the body could you find a cell with the diploid number of chromosomes?
Use of analytical procedures in auditing : 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.
Determining economic order quantity : What is the economic order quantity? Purchasing at the EOQ recommended level, what are the relevant total costs?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describe two specific forms of unacceptable advertising

CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct.

  Example of an assets historical cost

Most companies use historical cost to value property, plant, and equipment assets. What components make up historical cost? Provide an example of an asset's historical cost.

  Explain how the cash flow statement relates balance sheet

Explain how the statement of retained earnings relats to the balance sheet.

  Determining annual cash flows for the investment

The Keego Company is planning a $200,000 equipment investment which has an estimated five-year life with no estimated salvage value. The company has projected the following annual cash flows for the investment.

  Deductible casualty loss

A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.

  Discuss the main accounting conventions and concepts

Discuss the main accounting conventions and concepts.

  Capital balance after closing income summary to capital

Pia and Ramona are partners who share income in the ratio of 3:2. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $40,000. What is Pia's capital balance after closing Income Summary to Capital?

  Make the journal entry

Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.

  Incremental cost assocaited with producing

What is the incremental cost assocaited with producing an extra 50,000 jars of salsa? What is the incremental revenue associated with the price reduction of $.40 per jar? Should Santiago's lower the price ofits Salsa?

  Which of the following best describes assurance services

Which of the following best describes assurance services.

  Current financial reporting requirement

What is the current financial reporting requirement for charity care? Do you agree or disagree with the current financial reporting requirement?

  Stock dividend for market value

A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:

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