Answer the following statements true (T) or false (F)
1. Company-level controls can have a big impact on a company's financial reporting.
2. Since management is most familiar with an organization, they should sit on the board of
directors and advise those charged with governance of the organization.
3. Management's philosophy and operating style have to do with how the business is
operated and are not part of the internal control environment.
4. To assess the risk of material misstatement at the financial statement level, the auditor
needs a detailed knowledge of internal control components relevant to financial
reporting.
5. Management fraud is an intentional act that injures investors or creditors.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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Indicate whether this statement is true or false.
Nina is a Jew and Odell is a college student. Based on this information, members of protected classes include
A. neither Nina nor Odell. B. Nina and Odell. C. Nina only. D. Odell only.
In 2005, Joan had Cost of Goods of 58,358; in 2006, they were 65,069. On the last day 2005 her
Inventory was 675, and on the last day of 2006 it was 1,559. What is the Inventory Turnover for Joan's Coffee Shop for 2006? A) 55.25 B) 52.25 C) 58.25 D) 41.74
A data replication strategy where all data changes are data stamped and saved to secondary systems as the changes are happening is called:
A. mirror site B. electronic vaulting C. continuous data protection (CDP) D. dumping