The CPA Canada Handbook section "CAS 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management" requires that ________.
A) all serious control risks uncovered are communicated to management in writing
B) all nontrivial misstatements are communicated to management in writing
C) only frauds and illegal acts are communicated to management
D) all nontrivial misstatements and possible illegal acts are communicated to
management
B) all nontrivial misstatements are communicated to management in writing
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The following criminal penalties may be imposed for violations of the FCPA'S (Foreign Corrupt Practices Act) antibribery provisions except:
A) corporations are subject to a fine of up to $2,000,000. B) officers, directors, stockholders, employees, and agents are subject to a fine of up to $100,000. C) fines imposed on individuals can be paid by their employer or principal. D) the fines may be much higher, up to twice the benefit sought by the defendant. E) in addition to fines, there may be imprisonment for up to five years.
Which of the following statements is considered an actionable misrepresentation?
A. A statement of opinion B. A statement concerning a present fact C. A statement that amounts to puffing D. A statement about the future
The drawback of the SPM is ______.
A. it is difficult to use B. it considers only operational measures C. nonfinancial measures are not factored into the model D. it requires 5–10 years of historical data
The following T-accounts are from the ledger of Hill Company. Hill uses the periodic inventory system.Purchases6,000 Accounts Payable 6,000 Which of the following is true about Hill Company?
A. The accounts indicate that Hill returned $6,000 of merchandise to a supplier. B. When merchandise is sold, the Purchases account will be credited for cost of goods sold. C. The balance in the purchases account will appear on the balance sheet at year end. D. The T-accounts indicate that Hill purchased inventory on account.