What do you think is meant by the term “management override”?
Auditing standards note that there is a possibility that management override of controls could occur in every audit and accordingly, the auditor should include audit procedures in every audit to address that
risk.
Management override refers to management’s bypassing of existing internal controls to engage in
actions not allowed by those controls. For some unusual transactions, it may be appropriate for internal
controls to be overridden, if those controls prevent the transaction from being properly reflected in
the financial statements in accordance with GAAP. However, in most instances, override of internal
controls by management should be prevented to reduce opportunities for management fraud.
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Management always uses journal entries to commit fraud because they are not reviewed by auditors
a. True b. False Indicate whether the statement is true or false
Evidence shows that written recommendations and referrals are very valuable in the employee selection process.
Answer the following statement true (T) or false (F)
What is the dollar duration for the $5 million position of bond ABC?
What will be an ideal response?
A ________ is a business document containing some predefined data, often including some areas where additional data can be filled in
A) form B) script C) sheet D) report E) module