Which Of The Following Is Not A Limitation Of The Internal Control System?

Answer b is correct because this is a business risk. Which of the following is most likely to be considered an inherent limitation of a clients internal control. It encourages a bureaucratic orientation due to its reliance on inflexible job descriptions. The organization put it in place to ensure the integrity of its finance and accounting. Limited access to documents. It reinforces top-down decision making and information flow. Generally accepted auditing standards GAAS F.

Which of the following is not a recognized limitation of a job-based pay structure.

117 Which of the following is not a disadvantage of continuous audit. Internal control system has five components which are as follows. Internal control will not work either if the personnel or management collude to by-pass the control. A Possibility of alteration in figures b Inconvenience of work c Secret pact with employees. Due to the inherent limitation of the audit there is a possibility that material misstatements in the financial statements may not be detected. The ineffectiveness of the board of directors.

Solved Question 1 Which Of The Following Is Not A Limitation Chegg Com

Which of the following is not a limitation of the internal control system?. Assurance of elimination of business risk. It may not reward desired behaviors particularly in a rapidly changing environment. For example in the design of computer processing.

A Possibility of alteration in figures b Inconvenience of work c Secret pact with employees. Which of the following is most likely to be considered an inherent limitation of a clients internal control. Tap again to see term.

It encourages a bureaucratic orientation due to its reliance on inflexible job descriptions. For example segregation of duties can be extremely effective in an internal control system. 116 Which of the following is not a advantage of continuous audit a Early detection of errors and frauds b Intensive checking of books of accounts c Economic d All above.

However this becomes possible because internal control system serve this purpose through its different components or subsystems working collectively like a clockwork and are known as components of internal control system. D An ineffective audit committee. And management has since changed the system to remediate the problem.

Answer A is correct. The main disadvantage of internal control is that it is driven by top executives who can override internal controls for efficiency purposes but actually it could be being circumvented by collusion. C Inherent limitations of any internal control system and examples of each include.

Wrong - Your answer is wrong. It is not a limitation of internal control. Control Environment It simply means controlled environment of the entity in which.

The organization put it in place to ensure the integrity of its finance and accounting. The MRS provides information to internal users.

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Which of the following is not a limitation of internal control.

The subsequent discovery of material misstatement of the financial information resulting from fraud or error does not in itself indicate that the auditor failed to follow the basic principles and essential procedures of an audit. Answer A is correct. D An ineffective audit committee. C Inherent limitations of any internal control system and examples of each include. The organization put it in place to ensure the integrity of its finance and accounting. 116 Which of the following is not a advantage of continuous audit a Early detection of errors and frauds b Intensive checking of books of accounts c Economic d All above. A Possibility of alteration in figures b Inconvenience of work c Secret pact with employees. Assurance of elimination of business risk. The accounting information system 5.

The accounting information system 5. Which of the following most likely would not be considered an inherent limitation of the potential effectiveness of an entitys internal control. The subsequent discovery of material misstatement of the financial information resulting from fraud or error does not in itself indicate that the auditor failed to follow the basic principles and essential procedures of an audit. B The requirement is to identify the item that is not considered a limitation of internal control. Assurance of elimination of business risk. The lack of management incentives to improve the control environment. A Possibility of alteration in figures b Inconvenience of work c Secret pact with employees.