You are watching: Which of the following is an example of a control?
Requirement 1 (Question 1):- The correct answer for the question is Option B - The controller reviews and also approves the accounts receivable reconciliation monthly. Controls are put in area to ensure that the company or the firm functions effcient…View the complete answer
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Transcribed photo text: Question 6 of Which of the following is an instance of a control and not a process? Select the finest response and also then click “Submit". The staff accountant prepares account reconciliations for rarely supplied general ledger accounts. The controller reviews and approves the accounts receivable reconciliation monthly Sales representatives have discount approval limits. Discounts in excess of representative limits have to be approved by the Sales Manager. The staff accountant creates the sales invoice and also sends to the customer Concern 7 For a private agency audit, as soon as would certainly we test the operating effectiveness of controls? Select the best response and also then click “Submit". Anytime that we corroborate a control we need to likewise test the operating effectiveness of regulate. When it is reliable and useful to alleviate the amount of substantive experimentation perdeveloped When a significant threat of material misstatement is determined, it is forced under auditing criteria to test the operating performance of controls. Inquiry 9 of 20 In this scenario: Leases were established as a Key Account on the Audit Strategy Map Inherent danger for all assertions regarded leases was established to be Not High Tbelow is no planned control reliance for any kind of assertion concerned leases No significant dangers were established in the Risk Accumulator concerned leases What is the appropriate planned controls strategy for Scenario? . . Select the ideal response and then click "Submit". No Corroboration or Testing is Required O Test the Operating Effectiveness of Controls Document General Understanding of the Flow of Transactions and also Control Process Corroborate the Design of Controls SUBMIT Inquiry Which of the following are connected to the Audit Strategy Map or ASM? (Select all that apply) Select the ideal response(s) and also then click "Submit". O Controls Reports O Related threats Responses to audit hazard Elements Reresources Question 17 of 20 When evaluating deficiencies, in which instance are we forced to include an audit response? Select the ideal response and also then click "Submit". If we did not prepare our audit in anticipation of the matter In all instances O If the deficiency led to a misstatement over Overall Materiality If the deficiency brought about a misstatement over De minimus materiality SUBMIT Inquiry 18 of 2 Which of the adhering to is a procedure perdeveloped as component of our succeeding events procedures? Select the finest response and then click "Submit". O Inquiries of management Obtain the the majority of current interim financial statements obtainable succeeding to the O year-finish and also read/compare them with the audited financials to note any unusual fluctuations O Read board minutes or agendas through the audit report date O All of the over SUBM Inquiry 19 01 Which of the following is NOT an example of a forced created representation to be offered by management? Select the best response and also then click "Submit". Management's plan on the allowance for loan losses which is a significant estimate O Any connected party transactions A statement about the uncorrected misstatements and also management's see on their impact A summary of the information offered and also confirmation of the completeness of transactions Namong the over, or all items are examples of forced created depictions SU