Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Question
Chapter 4, Problem 4.30Q
To determine
To find: The correct option, the option which is not an internal control procedure
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Chapter 4 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 4 - Prob. 1QCCh. 4 - Prob. 2QCCh. 4 - Prob. 3QCCh. 4 - Prob. 4QCCh. 4 - Prob. 5QCCh. 4 - Prob. 6QCCh. 4 - Prob. 7QCCh. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QCCh. 4 - Prob. 10QC
Ch. 4 - Prob. 11QCCh. 4 - Prob. 12QCCh. 4 - Prob. 4.1ECCh. 4 - Prob. 4.1SCh. 4 - Prob. 4.2SCh. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4SCh. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7SCh. 4 - Prob. 4.8SCh. 4 - Prob. 4.9SCh. 4 - Prob. 4.10SCh. 4 - Prob. 4.11SCh. 4 - Prob. 4.12SCh. 4 - Prob. 4.13SCh. 4 - Prob. 4.14SCh. 4 - Prob. 4.15AECh. 4 - Prob. 4.16AECh. 4 - Prob. 4.17AECh. 4 - Prob. 4.18AECh. 4 - Prob. 4.19AECh. 4 - Prob. 4.20AECh. 4 - Prob. 4.21AECh. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BECh. 4 - Prob. 4.27BECh. 4 - Prob. 4.28BECh. 4 - Prob. 4.29QCh. 4 - Prob. 4.30QCh. 4 - Prob. 4.31QCh. 4 - Prob. 4.32QCh. 4 - Prob. 4.33QCh. 4 - Prob. 4.34QCh. 4 - Prob. 4.35QCh. 4 - Prob. 4.36QCh. 4 - Prob. 4.37QCh. 4 - Prob. 4.38QCh. 4 - Prob. 4.39QCh. 4 - Prob. 4.40QCh. 4 - Prob. 4.41APCh. 4 - Prob. 4.42APCh. 4 - Prob. 4.43APCh. 4 - Prob. 4.44APCh. 4 - Prob. 4.45BPCh. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BPCh. 4 - Prob. 4.49CEPCh. 4 - Prob. 4.50CEPCh. 4 - Prob. 4.51SCCh. 4 - Prob. 4.52DCCh. 4 - Prob. 4.53DCCh. 4 - Prob. 4.54EICCh. 4 - Prob. 1FFCh. 4 - Prob. 1FA
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- Decribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control. 1. Mnangement 2. External auditor 3. Internalarrow_forwardWhich of the following are principles of internal control? (Check all that apply.) Multiple select question. Increase revenues. Establish responsibilities. Maintain adequate records. Reduce vendor payables. Perform regular and independent reviews. Divide responsibility for related transactions.arrow_forwardWritten Policies and Procedures as a part of internal control system serves all of the following objectives, except a. Provide a source of continuity and a basis for uniformity. b. Serve as reference material for future c. Helps discrepancies to be resolved immediately d. Provide a training tool for new employeesarrow_forward
- In determining the operating effectiveness of the internal control policy or procedure, the auditor is concerned with the following: I. How the policy or procedure was applied II. Whether there is consistency in the application of the policy or procedure III. The personnel involved in applying the policy or procedure *A. I, IIB. I,IIIC. II, IIID. I,II,IIIarrow_forwardThe internal audit function is part of what element of the internal control system? a.Risk assessment b.Control activities c.Control environment d.Monitoringarrow_forwardIdentify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Maintain adequate recordsarrow_forward
- 1. Standards requires auditors obtain an understanding of an organization’s control environment. Discuss two techniques that may be used to obtain such understanding. PLease answer this thank you:)arrow_forwardWhich of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government auditarrow_forward43 To obtain an understanding of the relevant policies and procedures of internal control, the auditor performs all of the following except: Group of answer choices Make observations. Inspect documents and records. Design substantive tests. Make inquiries.arrow_forward
- determine whether true or false S1- The extent of planning will vary accordingly to the size of the entity, the complexity of the audit, and the forms of report to be issued. S2- The entity’s control environment serves as a foundation for the other components of internal control.arrow_forwardWhich of the following is a device designed to help the audit team obtain evidence about theaccounting and control activities of an audit client?a. A narrative memorandum describing the control system.b. An internal control questionnaire.c. A flowchart of the documents and procedures used by the company.d. All of the abovearrow_forwardExplain the primary purpose of the Management letter. Discuss the various components of internal control in the COSO internal control framework. Explain the concept ‘review of subsequent events’ and their significance in the audit of a client. Explain the concept ‘Contingent liabilities’ and their significance in the audit of a client.arrow_forward
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