Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting‚ compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are useless
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The Internal Assessment focuses on identifying and evaluating a firm’s strengths and weaknesses in the functional areas of business‚ including: management‚ marketing‚ finance‚ production‚ research and development‚ computer information systems. There are many subareas inside these functions‚ such as customer service‚ warranties‚ advertising‚ packaging‚ and pricing under marketing. The functional business areas differ for different types of organizations‚ such as hospitals‚ universities‚ government
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Investors of asset backed securities (ABSs) are subject to interest rate risk. When interest rates rise‚ the prices of ABS fall‚ and vice versa. The risk of rising interest rate will affect yields because it may influence the pace of prepayments of the underlying loans. This is normally in the case of mortgages consumer asset backed securities. The underlying borrowers of asset backed securities may fail to make interest and principal payments when due and unable to meet other obligation such as
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www.ccsenet.org/hes Higher Education Studies Vol. 2‚ No. 1; March 2012 The Examination of Strength and Weakness of Online Evaluation of Faculty Members Teaching by Students in the University of Isfahan Ansary Maryam PhD Scholar‚ Philosophy of Education‚ Faculty of Educational Sciences and Psychology University of Isfahan‚ Isfahan‚ Iran Tel: 98-311-793-2543 E-mail: ansaryy1260@yahoo.com Shavakhi Alireza PhD Scholar‚ Philosophy of Education‚ Faculty of Educational Sciences and
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INTERNAL AUDIT 1 Internal audit ‘Internal audit’ is an appraisal activity established by management for the review of accounting and internal control systems as a service to the entity. It reviews‚ monitors and make recommendations for the improvement of systems. Other activities include: Examination of financial information Review of economy‚ efficiency and effectiveness (‘value-for-money’ audits) Review of compliance with external laws and regulations Review of internal policies Review
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Strength and weakness are two very crucial traits to know about a person to determine their character. You can figure out the character of a person based on either their strength or weakness. The Bible has many good examples of both of these. Strength and weakness can be determined by the response someone gives when they are put in situations‚ like in the influence of others‚ or even when the odds are stacked against them. Weakness to me is something that stops us from doing good‚ or normal day activities
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Generally‚ every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt‚ whether they have integrity(honesty) and value the importance of running a sound internal control system. So‚ if their attitude is good‚ they will raise awareness and foster good attitude among ppl in the org
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Lady Macbeth in William Shakespeare’s play ‘Macbeth’ is a character who suffers greatly in because of her human weakness‚ which is her vaulting ambition. This ambition is not for her‚ but for her husband. This woman‚ who seemed so in control at the beginning of the okay‚ only cared for her husband and his success‚ later becomes so consumed with guilt and remorse that it results in her tragic death. Through the discussion of characterisation and lkey scenes‚ I shall reveal that Lady Macbeth’s human
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greatest weakness? I used to like to work on one project to its completion before starting on another‚ but I’ve learned to work on many projects at the same time‚ and I think it allows me to be more creative and effective in each one. What is your greatest strength? I think one of my greatest strengths is as a problem solver. I have the ability to see a situation from different perspectives and I can get my work done even in the face of difficult obstacles. I also feel that my communication skills
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Weakness Although the COE of Telenor Group is clear‚ critical and comprehensive‚ there are several weaknesses it suffers: lack of flexibility‚ generalization and lack of follow-throughs. Lack of flexibility Cassel et al. (1997) argued that clear prescriptions for employees in specific situations can clash with needs for flexibility and applicability to multiple and/or novel situations. Restrictive standards in Telenor’s COE may hinder the development of business in certain countries and cultures
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