Who is responsible for establishing and maintaining the internal control system?Select one:a.the accountantb.the internal auditorc.managementd.the external auditor

Quality control systems, policies and procedures are the responsibility of theSelect one:a.management's accountantb.managementc.those charged with the governance of the clientd.audit firm

Internal control is defined, in part, as a plan that... Question 3Answera.enhances the accuracy and reliability of accounting recordsb.all of the other options are correctc.eliminates mistakes and errorsd.prevents robbery and theft

According to PSA 400, which of the following is correct regarding internal control system?Select one:a.In the audit of financial statements, the auditor is only concerned with those policies and procedures within the accounting and internal control systems that are relevant to the financial statements.b.The internal control system is confined to those matters which relate directly to the functions of the accounting system.c.A strong environment, by itself, ensure the effectiveness of the internal control system.d.Internal control system refers to all the policies and procedures adopted by the auditor to assist in achieving management's objective.

When duties cannot be segregated, the most important internal control procedure isSelect one:a.independent verificationb.supervisionc.accounting recordsd.access controls

Internal controls are concerned withGroup of answer choicesonly manual systems of accounting.the extent of government regulations.safeguarding assets.preparing income tax returns.