Discuss the role of internal audit in an entitys system of internal controls. Is internal audit an
Question:
Discuss the role of internal audit in an entity’s system of internal controls. Is internal audit an essential element of a control system? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Internal audit plays a critical role in an entitys system of internal controls and is widely considered an essential element of a robust control system Heres a detailed explanation of its role and sig...View the full answer
Answered By
Owino Otieno
My proficiency as a tutor lies in my ability to understand and respond to questions, provide explanations, and offer detailed information on various topics. I can help with academic subjects such as mathematics, science, history, literature, and more. I can also provide assistance with writing, proofreading, and language learning.
I am capable of adapting to different learning styles and can present information in a clear and concise manner. I can break down complex concepts into simpler terms, provide examples and illustrations, and engage in interactive discussions to enhance the learning experience. Additionally, I can offer guidance on problem-solving strategies, critical thinking, and exam preparation.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9780730382645
4th Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
A store sold 25 sweatshirts. White ones cost $10.95 and yellow ones cost $12.50. If $289.25 worth of sweatshirts were sold, how many of each were sold?
-
What is the role of internal audit in assisting management in preparing its report on the effectiveness of internal control over financial reporting? Is internal audit considered to be independent of...
-
Sharon Gallagher (audit manager), Josh Thomas (audit senior), Ian Harper, and Suzie Pickering (both audit staff) are meeting to discuss their internal control assessment for Cloud 9. Sharon asks,...
-
Esther earned 528.00 for the week. If she saved 128.00, how many percent of her earnings for the week did she save?
-
An index model regression applied to past monthly returns in Fords stock price produces the following estimates, which are believed to be stable over time: rF =.10% +1.1rM If the market index...
-
How do lead indicators of quality differ from diagnostic information about quality?
-
3. Pla, a partner in the Bri Partnership, has a 30 percent participation in partnership profits and losses. Plas capital account had a net decrease of $60,000 during the calendar year 2016. During...
-
Using the spreadsheet below, calculate a. Total returns for the S&P 500 for each year from 1991 through 2010. b. Cumulative wealth for the first 10 years (1991-2000) and for the second 10 years...
-
The Company sells clothing and accessories and the following is its most recent monthly contribution format income statement: Sales $ 1,624,000 Variable expenses 644,480 Contribution margin 979,520...
-
Consolidation related simulation example: Millennium Capital Management, Inc., (MCM) acquired a 90% interest in NextGen, Inc. MCM's Financial Manager, Matthew Steven, has prepared a draft memo to the...
-
Neko & Partners audit firm has audited Wira Coast council for two years, performing both a statutory audit of the financial reports and a compliance audit for the government department in charge of...
-
In the sales transaction process, a key control affecting the accuracy assertion for sales is Credit committee review and approve all applications for credit over $1000. Explain the impact of this...
-
The Treadway Commission commented that the forces leading to financial fraud were present in all companies to some extent, but fraudulent financial reporting resulted from the right combustible...
-
A popular theory is that presidential candidates have an advantage if they are taller than their main opponents. Listed are heights (in centimeters) of randomly selected presidents along with the...
-
Cash Flows Horiz Analysis Horiz Analysis Vertic Analysis Vertic Analysis from Oper Inc St Bal St Inc St Bal Sheet Ratios Requirement Prepare the cash flows from operations section of R. Ashburn...
-
Rudy Gandolfi owns and operates Rudy's Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2022, are as indicated. Described here...
-
The brand manager for a brand of toothpaste must plan a campaign designed to increase brand recognition. He wants to first determine the percentage of adults who have heard of the brand. How many...
-
Pulse rates of women are normally distributed with a mean of 77.5 beats per minute and a standard deviation of 11.6 beats per minute. Answer the following questions. What are the values of the mean...
-
Duke Company's records show the following account balances at December 31, 2018: Sales..................................................................................$ 15,000,000 Cost of goods...
-
TRUE OR FALSE: 1. Banks with a significantly large share of fixed-interest rate home loans are less exposed to interest rate risks. 2. Although Australian banks are pretty big, they are not...
-
Explain why strong IT general controls and strong IT application controls are important when an auditor plans to use ADA as a substantive test of details.
-
An auditor is using ADA as a substantive test to validate accounts receivable because consumers are poor at responding to confirmations. In this case, the auditor validates the receivable by: a....
-
Assume that you are auditing a real estate company that owns and rents several apartment buildings. In total, the company owns 22 buildings and has over 1,000 apartments that it rents out on annual...
-
you are analyzing the cost of debt for a firm. Do you know that the firms 14 year maturity, 7.8 Percent coupon bonds are selling at a price of $834. The Barnes pay interest semi annually. If these...
-
***Please answer the following using excel and showcasing the formulas/calculations used*** thank you so much Financial information on AAA Ltd. is shown below. AAA Ltd. Income Statement For the Year...
-
2. In an account Anh Paglinawan currently has $216,670.00. At a rate of 8.00% how long will it take for them to have $298,390.00 assuming semi-annually compounding? (Hint: compute the exact years, do...
Study smarter with the SolutionInn App