internal financial control

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: What is management’s responsibility for reporting on internal control over financial reporting?

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management  and Those charged with governance the  Financial statements…

Q: 8. The PFRSS apply to which of the following? a. A management's review of the entity's financial…

A: PFRSs is  Philippine Financial Reporting Standards. They are the new set of Generally Accepted…

Q: The following are selected portions of the report ofmanagement from a published annual report.REPORT…

A: a.

Q: Provide arguments for and against the proposition that a central bank should be allowed to set its…

A: Central banks are the institution that are owned by the government. It used to be operated under the…

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control               Internal control is the process laid down by the…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

Q: The function of Financial Management is to review and control decisions to commit or recommit funds…

A: Solution The function of financial management is to review and control decision to commit or…

Q: Which of the following is NOT the main function of Ministry of Finance (MoF)?   Select one: To…

A: The main functions of Ministry of Finance (MoF) will include formulating policies, propose bills,…

Q: The accountability instrument refers to the answer choices as below, except         A. fiskal…

A: Accountability includes accepting responsibility for one's own actions. It imply a desire to be open…

Q: 64) budgeting and external audits are examples of what kind of controls? A) Strategic controls b)…

A: The question is related to Financial Control. Financial controls are those controls by which an…

Q: General-purpose fi nancial statements are prepared primarily for:a. internal users.b. external…

A:

Q: Management accounting focuses on     internal reporting.     tax preparation.     auditing.…

A: Management accounting: Under this accounting includes providing the information related to the…

Q: Why do GAGAS require a review for compliance with laws and regulations in conjunction with financial…

A:

Q: Required: b. Discuss your opinion on whether is it adequate and sufficient for the public sector…

A: Performance measurement -: Performance measurement (PM) in the public sector is certainly essential.…

Q: Explain how governmental financial auditing is similar to anddifferent from audits of commercial…

A: Auditing: Auditing is an independent examination of financial statements. The set of financial…

Q: List the major components of the auditors’ report on internal control over financial reporting.

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: Discuss elements of the system of external and internal financial reporting thatcreate integrity in…

A: Financial reporting refers to framework which need to be followed while preparing financial…

Q: In general terms discuss the role of the Public Financial Management Reform Program (PUFMARP) and…

A: This study investigates the factors obstructive booming implementation of integrated money…

Q: The function of financial management is to review and control decisions to commit or recommit funds…

A: Financial management is concerned with the planning, monitoring and controlling the finance of the…

Q: Which of the following information would be included in the introductory paragraph of the auditors’…

A:

Q: In general terms discuss the role of the Public Financial Management Reform Program (PUFMARP) and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following is correct? * G Capital budgeting process is under the controller's…

A: Accounting officer: An accounting officer is a person who is responsible for the financial record…

Q: One of the duties of an audit committee is to provide financial information at first to the board of…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Does a qualified opinion on management’s assessment of internal controls over the financial…

A:

Q: Which of the following is the objective of ISA 700? O a. To form a decision on management report O…

A: This ISA 700 addresses the issues that an auditor must consider when providing an opinion on a…

Q: The Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include…

A:

Q: Give examples of tests of controls to test the operating effectiveness of internal controls in the…

A: The procedures which help the audit staff working on the engagement to test the operating…

Q: General-purpose financial statements are prepared primarily for: a.    internal users. b.…

A: General - purpose financial statements are prepared primarily for External users.

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: Draft a report from the finance director to the board: Describing the responsibilities of the…

A: Treasury is either a finance ministry or the government department, which is linked to the taxation…

Q: Explain how the financial internal audit process contributes to effective risk management, meeting…

A: Internal audit is the audit which is carried or done by the internal team of a company which a…

Q: Section 404(a) of the Sarbanes–Oxley Act requires management toissue a report on internal control…

A:

Q: Which of the following is the least important consideration for a governmental auditor whoneeds to…

A: Introduction:

Q: of the following best describes the scope of internal auditing as it has developed to date? Group…

A: Ans. Internal audit has various objectives such as : i. Safeguarding of Assets ii. Evaluation of…

Q: The following are part of the responsibilities of a treasurer except a Capital raising b…

A: The Treasurer is responsible for keeping an eye on all elements of the organization's financial…

Q: Describe the Single Audit Act of 1984 inrelation to audits of governmental fundrecipients

A: Step 1 According to the Single Audit Act, 1984 it is necessary and mandatory the audit of the…

Q: What are the major differences between independent auditors’ reports on financial statementsand…

A: Inner reviewers are designated by the board and report to the executives. Outer reviewers are free…

Q: 23. Which of the following types of audits is designed to determine that an organization has…

A: 1. Single Audit - Single Audit is the program initiated by federal government to carry audit of…