What is control environment?
What will be an ideal response?
Control environment refers to cultural issues such as integrity, ethical values, competence, philosophy, and operating style. COSO (Committee of Sponsoring Organizations) is one of the first efforts to address corporate culture in a quasi-regulatory framework in recognition of its significant impact on the satisfaction of organizational objectives. Control environment can also refer to more concrete elements (that can better be addressed in an audit) such as the division of authority, reporting structures, roles and responsibilities, the presence of a code of conduct, and a reporting structure.
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iReport Writer Assistant is the name of the online reporting tool that Burke Inc. provides to its clients
Indicate whether the statement is true or false
Nothing is too good for my cats, so all their food is custom made at Catastic, who operates a specialty organic food mill in an adjacent state. We need 500 pounds of food per year, distributed evenly throughout the year
It costs $20 shipping and handling to place and receive an order for this delicious food. The cats are fed only on week days, so the 500 pounds per year translates to 2 pounds per day (we go out to restaurants on the weekends). Of course, my cats don't always eat exactly 2 pounds per day, their demand could more precisely be described as an average of 2 pounds and a standard deviation of 0.3 pounds per day. It takes ten days on average to receive an order for food once I place it. It costs $35 to hold a pound of food in inventory for a year and the food costs $850 per pound. It's expensive, yes, but again, nothing is too good for my cats. What amount should I order and when should I order it if I want only a 1% chance of running out of food for my cats? What will be an ideal response?
Fact Pattern 3-1AMac and Nan engage in a business transaction from which a dispute arises. Mac initiates a lawsuit against Nan by filing a complaint.Refer to Fact Pattern 3-1A. If Nan responds to Mac's complaint by filing a counterclaim, then
A. Mac will also have to file a response. B. Mac will have a judgment entered in his favor. C. Nan will also have to file an amended answer. D. Nan will have a judgment entered in her favor.
Downward communication refers to the flow of information from
A) the company to customers. B) lower to higher organization levels. C) people inside the organization to external parties. D) operational to strategic managers. E) supervisors to subordinates.