What should an auditor do when becoming aware of violations of the FCPA?
a. Contact foreign officials in the country where the client has business operations.
b. Notify the audit committee about the violations, their circumstance, and the effect on the financial statements.
c. Contact the U.S. marshals.
d. Design internal controls to deter improper payments.
b
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Alexander City Consultants started business on January 1, 2016, and immediately purchased $1,000 of supplies to use in the business. At the end of the month, 25 percent of the supplies remains unpaid and 20% are still on hand. What amounts should appear on the financial statements for January, 2016? Income Statement Statement of Cash Flows
a. ($ 1,000) ($ 1,000) b. ($ 1,000) ($ 750) c. ($ 800) ($ 25) d. ($ 800) ($ 750)
Motivations for IT outsourcing include each of the following except
a. IT's highly technical nature b. Long term contracts in IT outsourcing c. Expense of IT d. Dynamically changing nature of IT
As inherent risk increases, and other risk factors remain constant, what happens to the extent of audit work?
a. Increases. b. Decreases. c. Stays the same. d. Becomes less reliable.
What is the attractive nuisance doctrine, and what is the rationale for having it?
What will be an ideal response?