Which of the following is correct about internal control?Select one:a.Most internal controls tend to be directed at non-routine transactionsb.Accounting and internal control systems provide management with conclusive evidence that objectives are reached.c.Management does not consider costs of the accounting and internal control systems.d.One of the inherent limitations of accounting and internal control systems is the possibility that the procedures may become inadequate due to changes in conditions, and compliance with procedures may deteriorate.

Which of the following statements is true about internal controls over financial reporting?Select answer from the options belowSpecific controls are unnecessary if broad controls have been implemented.Management should not assume that all controls are effective at all times.External audit fees will not change regardless of the effectiveness of internal controls.The best-designed controls are not subject to failure or circumvention.

Internal controls have certain limitations. Identify the alternative that is not one of those limitations.a.Controls are directed at routine and non-routine transactions.b.Management can abuse their responsibility.c.The potential of human error exists.d.The cost of implementing a control could exceed it benefits

Which of the following statements about internal control is correct?Select one:a.Exceptionally strong control allows the auditor to eliminate substantive tests.b.The cost-benefit relationship should be considered in designing internal control.c.Properly maintained internal controls reasonably assure that collusion among employees cannot occur.d.Establishing and maintaining internal control is the internal auditor's responsibility.

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.

Which of the following is not an internal control?Select one:a.The initialling of changes and receiptsb.Separate bank accountsc.No cash to be issuedd.The review of receipts against deposits.