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.

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 regarding external auditors is true?Select answer from the options belowThey are employees hired to evaluate the effectiveness of a company's system of internal control.They are employees hired to conduct internal reviews.They are independent professional accountants contracted by companies to report on the fair presentation of the financial statements.They periodically review department activities to determine if controls are being followed.

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.

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

Indicate whether the following statement is True or False.One of the differences between the internal and external audit function is that the external auditor focusses on the financial control environment, whereas the internal auditor focusses on the overall internal control environment of an organisation