Question at position 10 The lecture lists several objectives of internal controls (IC). Which of the following are explicitly included? (Select all that apply)Safeguarding of assetsReliability of financial reporting to protect investorsMaximising employee surveillanceCompliance with laws, regulations and policiesOperational efficiency多项选择题

A

Safeguarding of assets

B

Reliability of financial reporting to protect investors

C

Maximising employee surveillance

D

Compliance with laws, regulations and policies

E

Operational efficiency

登录即可查看完整答案

我们收录了全球超50000道真实原题与详细解析,现在登录,立即获得答案。

类似问题

You are an audit manager with Stanley & Partners, reviewing extracts from the internal controls documentation in preparation for the interim audit of Ashford Ltd. The company’s year-end is 30 September 2026. The company operates a chain of 35 private veterinary clinics across the country, providing medical, surgical and preventive care services to domestic and farm animals. Ashford Ltd’s customers include both individual pet owners who pay at the time of service and corporate farming clients who are invoiced on account. The company has a small internal audit (IA) department of two staff. The head of IA has been on extended parental leave for five months and the remaining staff member has been managing the function alone. This has resulted in a significant reduction in their programme of work for the year in many areas. Non-current assets Ashford Ltd’s veterinary clinics are either owned by the company or are held under long-term leases. The company also has a head office and central warehouse for storage of veterinary supplies and pharmaceuticals. Each clinic is set up as a separate department and is given an annual capital expenditure budget, but several clinics have already significantly exceeded their annual budgets. When new equipment is acquired, the finance department classifies the expenditure between capital and revenue using a monetary threshold of $3,000 established by the finance director, and notes the classification on the purchase order. The finance director reviews a sample of classifications monthly and signs off on the review. Part of the work which Ashford Ltd’s IA department is required to carry out is a comparison of the assets per the non-current assets register and those physically present in each clinic. This year’s programme of visits means that by the year end IA will only have visited the three highest-value clinics and two other clinics randomly selected. Payroll Ashford Ltd has a separate human resources (HR) department, responsible for setting up all new joiners. HR completes a standardised electronic onboarding form for each new employee, which includes all necessary personal and employment data. The system automatically generates a unique employee identification number, and the payroll system requires this ID to be entered and verified before a new employee can be added to the payroll. Once the form is complete, it is electronically submitted to the payroll department. All members of the payroll department can amend employees’ standing data using a shared system login, and the password is changed by the payroll manager every six months. On a monthly basis, employees are paid by direct bank transfer. The payroll supervisor reviews the list of bank payments and agrees this to the payroll records. If any discrepancies are noted, the payroll supervisor makes the adjustment in the payroll records herself. Sales and bank For corporate farming clients, after passing a credit assessment performed by the finance team, new clients are set up in the receivables ledger master file and a credit limit is approved by the operations director. The credit limits then remain unchanged in the system unless a review is requested by the client. Each corporate client is allocated a relationship manager from Ashford Ltd, who is responsible for managing the client relationship and maximising service referrals. Standard credit terms for corporate clients are 30 days and on a monthly basis sales invoices which are over 75 days outstanding are notified to the relevant relationship manager to chase payment directly with the client. Every month, the finance assistant prepares a reconciliation of the bank statements to the cash book. The reconciliations are reviewed by the financial controller, who also investigates all reconciling items and evidences his review by way of a signature.Response Template - There is a table/template in the response textbox to assist in entering the answer. If you accidentally delete it, you may copy the template below and paste it into the response textbox. You must answer this question in the response textbox.[Fill in the blank] In respect of the internal control of Ashford Ltd: (i) Identify and discuss THREE control strengths on which the auditor may seek to place reliance; and (ii) Describe a test of control the auditor should perform to assess if each of these key controls is operating effectively. [table] Control strength (2 marks) | Test of control (2 marks) 1. | 2. | 3. | [/table][Fill in the blank] Discuss and explain FIVE deficiencies in Ashford Ltd’s internal control system and provide a recommendation to address each of these deficiencies. [table] Control deficiency (2 marks) | Control recommendation (2 marks) 1. | 2. | 3. | 4. | 5. | [/table][Fill in the blank]

Internal controls are essential to an organisation’s corporate governance structure. Which of the following is the most important requirement of internal control?

Poor payment practices can damage cash flow and supplier relationships. Which of the following is a vital indicator when deciding whether a payment should be made to a supplier?

Question at position 15 The lecture lists several objectives of internal controls (IC). Which of the following are explicitly included? (Select all that apply)Safeguarding of assetsCompliance with laws, regulations and policiesOperational efficiencyMaximising employee surveillanceReliability of financial reporting to protect investors

更多留学生实用工具

加入我们，立即解锁 海量真题 与 独家解析，让复习快人一步！