Which of the following is not a question an auditor considers in deciding whether to pursue a lower control risk approach prior to substantive testing?
a. Is the design of the control effective?
b. Does the control promote operational efficiency?
c. Is it cost effective to test controls?
d. Are controls operating effectively?
b
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The responsibility for purchasing should be assigned to several people in a company to get the best quality items.
Answer the following statement true (T) or false (F)
Which of the following represents the relationship between pay ranges and pay grades?
A. The competitive pay level for each range becomes the midpoint of the pay grade for that range. B. Grades set the ceiling and floor on what the employer is willing to pay for the work; ranges refer to grouping of jobs. C. Pay ranges set an upper and lower limit between which all wages for all jobs in a particular grade are expected to fall. D. The midpoints for each pay grade usually correspond to the points where the pay policy line crosses each range. E. A pay grade is expressed as a percentage above the midpoint of the pay range.
A ________ cost changes in total in proportion to changes in the volume of activity.
What will be an ideal response?
Minsuh’s company might accept a takeover from a rival company rather than declare bankruptcy and leave her employees jobless. This example is related to which ethical decision-making approach?
a. Rights approach b. Justice approach c. Utilitarian approach d. Objectivity approach