Describe the inherent limitations of internal control.
Question:
Describe the inherent limitations of internal control.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Human Error and Bias Internal controls rely on human involvement and thus they are susceptible to errors mistakes and biases Even welldesigned control...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Auditing An Assertions Approach
ISBN: 9780471134213
7th Edition
Authors: G. William Glezen, Donald H. Taylor
Question Posted:
Students also viewed these Business questions
-
The SEC issues Accounting and Auditing Enforcement Releases (AAERs) summarizing SEC actions concerning civil lawsuits brought by the SEC in federal court and related settlements from administrative...
-
The financial statements of the Liber Company have never been audited by an independent CPA. Recently, Liber's management asked John Burns, CPA, to conduct a special study of Liber's internal...
-
(a) Describe the main internal controls that you would expect to find in operation with re QUESTION FOUR: (15 MARKS) Machio Ltd. is an import and export company located in Nairobi. The company deals...
-
Alpha Appliance Service had net income for the year of $ 35,000. In addition, the balance sheet reports the following balances: Calculate the return on assets (ROA) for Alpha Appliance Service for...
-
Determine whether or not the loop-free undirected graphs with the following incidence matrices are isomorphic. (a) (b) (c) 01 1 1 0 1101 0 1 1001 0011 0110 1100 1001 1010 0110 1100 0011 0101 1100...
-
Let and Express the following as rational functions. f (x)g(x) f(x) = X x-2' g(x)= 5-x 5 + x'
-
13. Discuss possible reasons why the Commerce Clause was included in the U.S. Constitution.
-
On January 1, 2017, Xiamen Company made amendments to its defined benefit pension plan that resulted in 60,000 yuan of past service cost. The plan has 5,000 active employees with an average expected...
-
How would increases in tolerable misstatement and assessed level of control risk affect the sample size in a substantive test of details? Increase in Tolerable Misstatement Increase in Assessed Level...
-
Suppose that a researcher conducts an independent samples experiment comparing three treatments. Participants serve in the experiment either online or by visiting the researchers lab. Scores for this...
-
The understanding of internal control that relates to an assertion should be used to take three actions. Name these three actions.
-
What is the purpose of the monitoring component of internal control?
-
Muriel likes her job, but her boss gives lousy bonuses. Muriel was recently offered a new job with better rewards, and her friend wants to know if she intends to take it. It depends on whether the...
-
What leadership principles do you feel you possess that are important for APRNs to exhibit? What principles do you need to explore to be more confident in performing? Which leadership style do you...
-
Question 1- Where do you go in the Courier to find out your amount of leftover inventory for a specific product last round? Based on the production tab of the worksheet I gave you; how do you use...
-
1. Do you think that the NFL and franchise owners are meeting their obligations to employee health and safety? 2. Do you think that the NFL's and owners' responsibilities in terms of player safety...
-
Explain the term \'management\'. Also, explain briefly mission functions of management. ( b ) What are the different types of plant layout? Explain any two with neat sketches.
-
Suppose that you are considering an investment product that promises to pay $ 2 , 0 0 0 at the end of each year for the next five years. Assume that a discount rate of 1 2 % is applicable to similar...
-
On January 1, 2014, the dental partnership of Left, Center, and Right was formed when the partners contributed $20,000, $60,000, and $50,000, respectively. Over the next three years, the business...
-
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
-
Check my work 3 5 points 2 Exercise 10-14A (Algo) Straight-line amortization of a bond discount LO 10-4 Diaz Company issued bonds with a $117.000 face value on January 1 Year 1 The bonds had a 5...
-
Selling Price Quantity Demanded Quantity Supplied $300 0 21 $280 2 19 $260 4 17 $240 6 15 $220 8 13 $200 10 11 $180 12 9 $160 14 7 $140 16 5 $120 18 3 $100 20 1 From an examination of the above table...
-
Exercise 9-5 (Algo) Direct Labor Variances (LO9-5) SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon in dill sauce with...
Study smarter with the SolutionInn App