In today’s quickly changing business environment many organizations are focusing on designing their structure around processes rather than functions. These organizations are:
a. decentralized organizations
b. virtual organizations
c. adaptive organizations
d. hierarchical organizations
e. geographical organizations
c. adaptive organizations
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Assume that you are the new audit senior on the LV Drug Corporation (LVD) engagement. LVD is a pharmaceutical company that has three successful drugs and a number of drugs in progress in its research and development pipeline. You are considering your audit plan and it is important to identify the inherent risks that LVD has and how they relate to the planning process.Required:For each of the following factors, indicate whether it will tend to increase, decrease, or have no effect on inherent risk, and the reasoning for your answer.a. Dr. Jones is the major shareholder of LVD and its CEO.b. Your firm has audited LVD for the last four years.c. There has been high turnover of key accounting personnel during the last two years.d. The internal audit function reports to the audit committee.e.
LVD has been the subject of lawsuits by users of Framadon who claim that the drug affects their liver functions. LVD is confident that there are no such side effects from the use of Framadon. What will be an ideal response?
A television commercial for Post Select cereal is an example of which of the following?
A) product advertising B) institutional advertising C) sales promotion D) direct selling E) retail advertising
The actual express authority of partners must be specifically set forth in the partnership agreement
a. True b. False Indicate whether the statement is true or false
With the creation of the Federal Deposit Insurance Corporation,
A) member banks of the Federal Reserve System were given the option to purchase FDIC insurance for their depositors, while nonmember commercial banks were required to buy deposit insurance. B) member banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors, while nonmember commercial banks could choose to buy deposit insurance. C) both member and nonmember banks of the Federal Reserve System were required to purchase FDIC insurance for their depositors. D) both member and nonmember banks of the Federal Reserve System could choose, but were not required, to purchase FDIC insurance for their depositors.