A ________ approved by the board of directors constitutes the authorization for capital asset acquisitions and investments.

When circumstances call for extended procedures, information on outstanding stock may be ________.

Internal control assessment is important because it governs the ________, ________ and ________ of substantive procedures.

A derivative instrument is designed to remove risk of adverse price movements from a transaction.

True

False

All companies use a registrar to keep track of stock certificates issued and outstanding.

True

False

The ________ has transaction initiation authority to add new employees and delete terminated employees.

At the completion of the physical inventory, the auditors should inspect the inventory area to ensure that all inventory has been counted.

True

False

The sales forecast is the document that production uses to determine what to produce and when to produce it.

True

False

The auditors must be present when instructions are given to company personnel for conducting the physical inventory.

True

False

The most significant inherent risk in the finance and investment cycle is the proper presentation of items on the balance sheet.

True

False