Which of the following is not the fundamental principle as set out in ACCAs code of ethics and conduct?

a. Honesty

b. Professional behavior

c. Professional competence

d. Objectivity

Policies and procedures related to physical control over assets and records helps management to meet its objective. The policies come under

a. Responsibility

b. Authority

c. Control activities

d. Monitoring

Which among the following is not an inherent limitation of internal control?

a. Auditors generally select a few critical operations to observe and evaluate, many essential operations are overlooked.

b. As internal control system is involved in routine transactions, irregular transactions are overlooked

c. Chances of misuse by a person of authority who is operating on internal control system.

d. Increasingly complex internal control system can lead to operational inefficiencies