Consider the following results from preliminary surveys and reviews of internal controls: 1. Office records are in

Question:

Consider the following results from preliminary surveys and reviews of internal controls:

1. Office records are in disorder and some important documents appear to be missing.

2. There recently has been an unusually high turnover of key technical personnel.

3. Appropriate approval signatures are missing on a large number of work orders.

Required:

To what extent does each of the results above expose the organization to the five types of risk? Discuss each of the three results above in terms of all five types of risk.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Internal Auditing: Principles And Techniques

ISBN: 9780894131677

1st Edition

Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke

See More Books

Question Posted: May 05, 2024 05:01 AM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Risk Analysis and Management of Construction and Operations in Offshore Wind Power Project Abstract: Many countries have increased the use of renewable energy and strongly promoted offshore wind...
ME-1" Ltd. acquired 80% equity shares of You-2nd Ltd. on 30/04/2020 for a cost of GHS60,000. At that time the general reserves were GHe6,000 respectively.
Construct a balance sheet for Fincorp for 2013 and 2014. What is shareholders' equity?
On July 17, 2012, James Taylor borrowed $60,000 from his grandfather to open a clothing store. Starting July 17, 2018, James has to make 10 equal annual payments of $8,860 each to repay the loan. Use...
A call option on British pounds () exists with a strike price of $1.56 and a premium of $.08 per unit. Another call option on British pounds has a strike price of $1.59 and a premium of $.06 per...
Zocco Corporation has an inventory conversion period of 75 days, an average collection period of 38 days, and a payables deferral period of 30 days. a. What is the length of the cash conversion cycle...
2.2 Cholesterol Levels The dotplot shows the cholesterol level of 93 adults from the 2010 NHANES data. .. 50 100 150 200 250 300 350 400 450 500 550 Cholesterol (mg/dL) a. A total cholesterol level...
Following are two lists: (1) sample audit procedures and (2) several methods of internal controls. Audit Procedures 1. Test the documentation for a sample of 25 expenditures and verify the recorded...
Suppose a team of internal auditors for a large construction company completed their review of internal controls on an audit of one projects construction costs. The preliminary survey and review of...
What is the identifying feature for a resource-allocation problem?
Q4: Find the Matrix X such that A+2X=B given that A=| 5 B [25] 9
Find output of this code: int [] list1= {-3,6,3,16}; char [] list2 = {'0', 'L', 'L', 'O' }; int x=0; for (int i=0; i <4; i++) { } char z list2 [i]; = if (listl[i]>0 && z== 'L') listl[i] += list1...
Share a time when you received a message that was framed poorly. How did you know the frame for that message was wrong? In contrast, share a time when you received a message that was framed...
what manner does the integration of advanced technological tools, such as AI and machine learning, reshape traditional approaches to organizational efficiency and data management?
Monty Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2026. For tax purposes, the company employs...
Temp Force recently issued preferred stock that pays an annual dividend of $5 at a price of $50 per share. What is the expected return to an investor who buys this preferred stock?
Find a least expensive route, in monthly lease charges, between the pairs of computer centers in Exercise 11 using the lease charges given in Figure 2. a) Boston and Los Angeles b) New York and San...
In developing a budget, which of the following should be considered? I. Balance sheet II. Chart of accounts III. Expenses from the current/past year IV. Purchasing contracts V. Physician compensation...
JOIICS SUIT SHOPSales BudgetQuarter 1Quarter 2Quarter 3Expected Sales Units150175Sales Price per Unit$250250$250otal Sales Revenue37,500$ JOIICS SUIT SHOPSales BudgetQuarter 1Quarter 2Quarter...
Which of the following statements is true concerning foreign income tax paid? Question 39Select one: a. If a taxpayer takes a subtraction on their Oregon return, then the subtraction is included as...

Consider the following results from preliminary surveys and reviews of internal controls: 1. Office records are in

Question:

Step by Step Answer:

Sure lets analyze each of the results in terms of the five types of risk inherent risk control risk detection risk business risk and audit risk Disorderly Office Records and Missing Documents Inherent ...View the full answer

Internal Auditing: Principles And Techniques

Students also viewed these Business questions