What are the benefits of conducting continuous audits (or monitoring)?
What will be an ideal response?
Using continuous audit/monitoring, most firms can reduce errors and frauds; increase operational effectiveness; better comply with laws and regulations; and increase management confidence in control effectiveness and financial information.
In addition, continuous auditing allows internal and external auditors to monitor transaction data in a timely manner; better understand critical control points, rules, and exceptions; perform control and risk assessments in real time or near real time; notify management of control deficiencies in a timely manner; and reduce efforts on routine testing while focus on more valuable investigation activities.
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Which of the following statements is true about sustainability?
A) It gives marketers a short-term competitive advantage. B) Products that are manufactured with renewable resources are sustainable. C) It does not apply to individual consumption. D) Sustainable development only caters to the needs of the present generation.
How many FASB members currently make up the Board?
A) 5 B) 7 C) 21 D) 33
The deletion anomaly in unnormalized databases
a. is easily detected by users b. may result in the loss of important data c. complicates adding records to the database d. requires the user to perform excessive updates
The communications process should start with mass media advertising in order to reach a large number of consumers
Indicate whether the statement is true or false