Should managements assessment of internal control over financial reporting consider all of the COSO components, or could

Question:

Should management’s assessment of internal control over financial reporting consider all of the COSO components, or could it be based on the controls over the processing of transactions? Explain.

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing a risk based approach to conducting a quality audit

ISBN: 978-1133939153

9th edition

Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg

See More Books

Question Posted: Sep 22, 2014 07:57 AM

See More Questions

During audits of internal control over financial reporting of various issuers, the auditors encountered the independent situations below. For each situation a through e select from the following list...
Managements responsibilities for internal control over financial reporting include a. Ensuring the fair presentation of the financial statements. b. Assessing material misstatements in the financial...
Management has requested a review of internal control over cash disbursements for parts and supplies purchased at manufacturing plants. Cash disbursements are centrally processed at corporate...
Show that 1. Every differentiable concave function is pseudoconcave. 2. Every pseudoconcave function is quasiconcave
Steam enters a long, insulated pipe at 1200 kPa, 250C, and 4 m/s, and exits at 1000 kPa. The diameter of the pipe is 0.15 m at the inlet, and 0.1 m at the exit. Calculate the mass flow rate of the...
Prove the following Extended Mean Value Theorem. If and ' are continuous on the closed interval [a, b], and if " exists in the open interval (a, b), then there exists a number c in (a, b) such that...
Do you see a logical contradiction in Xeroxs willingness to devote millions of dollars to support pure research sites like the PARC and its refusal to commercially introduce the products developed?...
Even though the population standard deviation is unknown, an investigator uses z rather than the more appropriate t to test a hypothesis at the .05 level of significance. (a) Is the true level of...
Watson Foods processes bags of organic frozen fruits sold at specialty grocery stores. (Click the icon to view additional information.) Read the requirements. Requirement 1. How much variable...
Dorina Company makes cases of canned dog food in batches of 1,000 cases and sells each case for $15. The plant capacity is 50,000 cases; the company currently makes 40,000 cases. DoggieMart has...
Refer to Exhibits. Describe managements process for evaluating internal control over financial reporting. For the control environment principles, identify evidence that management might obtain to...
What role can internal auditors have in assisting management in evaluating the effectiveness of internal control over financial reporting?
Find the radius of convergence and interval of convergence of the series (-3)"x" n=o Vn + 1 n+
Canis Major Veterinary Supplies Inc. DuPont Analysis Ratios Value Correct/Incorrect Ratios Value Correct/Incorrect Profitability ratios Gross profit margin (%) 50.00 Correct Asset management ratio...
The entrance to Salt Lake City (elevation 3,075 ft at the point of crossing) is grade separated from interstate highway (elevation 3,050 ft at the point of crossing) and will have to be connected....
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem...
A deep reinforced concrete member carries two members with factored loads as shown in Figure 2. Material properties: fy 400 MPa, f'e = 50 MPa. a) Sketch a feasible strut and tie model indicating the...
If triangles ABC and DFG are similar triangles and side DF = 218, what is the value of side DG?
Speculating with Currency Call Options. Randy Rudecki purchased a call option on British pounds for $.02 per unit. The strike price was $1.45, and the spot rate at the time the option was exercised...
Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is...
Making reasonable assumptions, use isospin to estimate the ratio of the total cross sections for observable interactions of pions and deuterons where $d$ is a deuteron. ++d+p+p+
In the late 1990s, Satyam Computer Services (Satyam) was a relatively unknown, family-owned information technology (IT) company located in Hyderabad, India. All that changed when Satyam was awarded a...
TRUE-FALSE QUESTIONS 1. The existence and presentation/disclosure assertions are usually the most relevant for inventory. 2. The most common concerns for inventory are that purchases are understated...
TRUE-FALSE QUESTIONS 1. In terms of preliminary analytical procedures, assume that the company has introduced a new product with a low price point and significant customer demand. The auditor would...
management accounting Gallop Corporation prepared the following report for the first quarter of this year Sales ( $2,700 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses...
A. Tmbe Limited manufactures various components. One of the components is EX which pass through two production cost centres (Filtering and Mixing) and several service cost centres. The prime cost of...
What is astrochemistry? a ) The study of chemical reactions on Earth b ) The study of chemical reactions in space c ) The study of chemistry in biology d ) The study of chemical engineering in space...

Should managements assessment of internal control over financial reporting consider all of the COSO components, or could

Question:

Step by Step Answer:

Basing the internal control evaluation on only one component of internal ...View the full answer

Auditing a risk based approach to conducting a quality audit

Students also viewed these Auditing questions