Which of the following is important regarding invigilation?
a. Invigilation should include all areas of the business.
b. The time period for the invigilation should be at least one month.
c. Past records should be analyzed in order to establish an operating profile for the invigilation.
d. The investigator should make the decision regarding the temporary controls to be put in place for the invigilation.
a
FEEDBACK: a. Incorrect: only the impacted areas should be included.
b. Incorrect: at least fourteen days is recommended.
c. Correct: a history is necessary to create a profile.
d. Incorrect: management makes this decision.
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A common measure of long-term solvency is the
A) receivable turnover. B) asset turnover. C) debt to equity ratio. D) current ratio.
Dave Michaels takes advantage of cash discounts whenever possible. Address the business reason for this decision. Address the ethical ramifications if Dave would take the discount when paying outside the discount period.
What will be an ideal response?
A secure electronic ___________ is a transmission security method that ensures transactions are secure and legitimate.
Fill in the blank(s) with the appropriate word(s).
Nero is an elderly man who lives with his nephew Mervyn. Nero is dependent on Mervyn for support. Mervyn advises Nero to “invest” in Mervyn’s “professional gambling” venture, or Mervyn will no longer support him. Nero liquidates his other investments and signs a contract with Mervyn, to whom Nero gives the funds. Can Nero set aside this contract?
What will be an ideal response?