External auditors - Study guides, Class notes & Summaries

ACG 2021- Final Exam Review Questions with Complete Solutions Which category includes computer programs designed to prevent unauthorized access to certain files? physical safeguards What internal control measures are effective for managing cash outflows? -Utilizing checks with sequential numbers -Keeping blank checks in a secure location -Dividing the responsibility for authorizing and writing checks When reconciling a bank statement, how should deposits that have not yet been r...

WWU ACCT 240 Midterm 1 fully solved 2023 passedSole Proprietorship - correct answer - Owned by one person only - Owner is personally liable for all the debts - easy to start Partnership - correct answer - Owned by 2 or more people - each partner is personally liable for all debts - more resources - more costly to start, written agreement needed Corporation - correct answer - Separate legal entity - easy to raise money from the public - easy to transfer ownership - Double tax - H...

WGU C213 Accounting for Decision Makers Exam | Questions and Verified Answers (Latest 2023/ 2024) Grade A QUESTION The Public Company Accounting Oversight Board is NOT required to Answer: Enforce compliance with the Foreign Corrupt Practices Act QUESTION Which of the following does Sarbanes-Oxley NOT require management to do? Answer: Make loans to executive officers and directors QUESTION The Public Company Accounting Oversight Board Answer:...

Governance process objectives correct answers 1. Promoting appropriate ethics and values within the organization. 2. Ensuring effective organizational performance management and accountability. 3. Communicating risk and control information to appropriate areas of the organization. 4. Coordinating the activities of and communicating information among the board, external and internal auditors, and management. Audit committee purpose correct answers 1. Helps keep external and internal auditor...

CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the activities and users associated with accounting. Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The major users and uses of accounting are as follows: (a) Management uses accounting information to plan, organize, and run the business. (b) Investors (owners) decide whether to buy, hold, or sell their financial interests on th...

AUE2601-Auditing Theory And Practice EXAM PACK (SUMMARISED NOTES AND PAST PAPERS Up to 2022). PART A – INTRODUCTION TO AUDITING THEORY Study Topic 2 (text book pg 1/2) 2.1 The need for Auditing Services Jackson & Stent Chapter 1 ISA 200 – Objectives and general principles governing an audit ISA 610 International Framework for Assurance Engagements External auditors – express an independent opinion if the AFS’s of a company fairly present the financial position and results of the ...

ERISA - Answer- Employee Retirement Income Security Act 1974 SOC Reports - Answer- Service Organization Controls: for external vendors SOC 1 - Answer- Internal Controls & Financial reports; used by auditors SOC 2 - Answer- Security, availability, processing integrity, confidentiality and privacy controls;used by management, regulators, and others under an NDA SOC3 - Answer- Same as SOC2, but available for public use. Tribble V Edison - Answer- Landmark court case re fiduciary resp...

Resource allocation is crucial during incident triage as it assists in prioritization and categorization. Why would this be critical for most organizations when conducting triage? A. Most organizations have limited incident handling resources B. Categorization assists in mitigation C. Prioritization aides in detection D. Most organizations assign incidents based on criticality Correct Answer-A. Most organizations have limited incident handling resources Who is in the best position ...

Within the lodging and food services industries are a variety of related fields that include: - Answerlodging, F&B (and tourism) -global, diverse -Hotels, restaurants, clubs, resorts, casinos, cruise ships, theme parks -The recreation and leisure market -The convention center market -The schools and colleges market -The business dining market -The health care market -The corrections market The number of opportunities offered by the hospitality industry is _________, as are the opportuni...

Question 1 a) Discuss the difference between internal and external users information, their need and demands on an information system. Answer: INTERNAL USERS Management Internal auditors (10 marks) They use the information for planning that is the development of short term and long term plans. Management is concerned with the summarised information I.e reports and draft financial statements. Supervisors Controlling activities that involve motivating employees and eva...