What is monitoring? How should the auditor go about determining whether management's process for monitoring the effectiveness
Question:
What is monitoring? How should the auditor go about determining whether management's process for monitoring the effectiveness of internal controls is adequate?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (12 reviews)
Monitoring is a process by which management determines whether the other four components of ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Question Posted:
Students also viewed these Auditing questions
-
How might a corporate management team go about determining whether the company should diversify? What factors should they consider? What kinds of information should they collect?
-
How should the auditor consider risks related to revenue recognition when assessing the risk of material misstatement due to fraud?
-
How should an accounting professional go about determining whether a proposed action is in the public interest?
-
Your friend recently attended a local mail fraud trial. In your conversation about the case, she described the cross-examination of the expert witness as follows: After his counsels questioning was...
-
What two distinctly different processes are often referred to as cold drawing?
-
There exists a portfolio P, whose expected return is 11%. Stock I has a covariance with P of .004, and Stock II has a covariance with P of .005. If the expected returns on Stocks I and II are 9% and...
-
Identify the explicit intentions of the organisation towards the management of its people in terms of overall philosophy, policies and practices.
-
The journal of Ward Technology Solutions, Inc., includes the following entries for May, 2012: May 1 The business received cash of $75,000 and issued common stock. 2 Purchased supplies of $500 on...
-
Question 4 (6 Marks) The president of the company, Gregory Peters, has come to you for help. Use the following data to prepare a flexible budget for possible sales/production levels of 10,000,...
-
Lunatics, an e-commerce sports company wants to buy Rowdy Trading Cards at a cost of $504 million. Rowdy will operate for 20 years. They expect annual cash flows from operations to be $70.1 million...
-
Is it possible to have effective controls over a subjective accounting process? Choose an example of a subjective process and use the process to explain your answer.
-
What are the factors that should be considered by management and the auditor in determining whether a deficiency is a "significant deficiency" or a "material weakness"?
-
Given that tan = 3/4, and that is acute, a. Find the exact value of: i. Tan 2 ii. Sin 2 iii. Cos 2 b. Deduce the value of sin 4.
-
Find the explained variation for the paired data. The equation of the regression line for the paired data below is y = 5.18286 + 3.33937x. X 972 23 34 4 22 17 y 43 35 16 21 23 102 81
-
5. The vertical stress at a point is 28 kPa, while the horizontal stress is 14 kPa. shear stress on the horizontal plane is +4 kPa. The (a) Draw the Mohr's circle of stress and show the pole point...
-
I need assistance with the below questions for my HIM 5370 at texas State University Case Mix Table: 4. Complete the Case Mix table shown below. Calculate the case mix for each month. The table below...
-
The probability that a printing press will print a book with no errors is 78%. The company is about to process an order of 30 books. Round decimals to 3 places or percentages to 1 decimal place. 9....
-
alculate Product Costs, using JOB COSTING SYSTEM. Please SHOW CALCULATION. Dream Chocolate Company: Choosing a Costing System TABLE 1 Typical Prices and Costs of Chocolate 641 1.25 oz. Bar 3.0 oz....
-
Discuss the various techniques involved in monitoring inventories.
-
Discuss the information available from the following techniques in the analysis of inorganic pigments used in antique oil paintings: (i) Powder X-ray diffraction, (ii) Infrared and Raman...
-
Write down two types of business that sell goods on credit and two types of business that sell only for cash. What explanations might be given for these different strategies?
-
Consult Paragraphs .04-.08 of AU Section 322. Do you believe that auditors should be allowed to use the work of other professionals as evidence to support their own internal control audit opinions?...
-
Consult Paragraphs 18-19 of PCAOB Auditing Standard No. 5. What specific factors must external auditors consider before using the work of other professionals as evidence to support their own internal...
-
Consult Paragraphs 12 of Ethics Rule 102 (ET 102). Next, consider the roles of Ron Lomenzo and Lisa Taranto. Assume that these employees knew that the entries being proposed by Scott Sullivan were...
-
*please calculate irr in excel
-
Which of the following would not be a period cost? Research and development Direct materials Office supplies Advertising costs
-
\ table [ [ Activity Cost Pool,Activity Measure,Total Cost,Total Activity ] , [ Machining , Machine - hours,$ 3 3 0 , 0 0 0 , 1 5 , 0 0 0 MHs ] , [ Machine setups,Number of setups,$ 3 0 0 , 0 0 0 , 5...
Study smarter with the SolutionInn App