Name Student ID Last First 37. In evalusting intermal accounting control, the au

Question

Name Student ID Last First 37. In evalusting intermal accounting control, the auditor is basically concerned that the system provides reasonable assuurance that A. Operstional efficiency has been achieved in accordance with management plans. B. Errors and fraud have been prevented or detected. C. Controls have not been circumvented by collusion. D. Management can not override the system. 38. All of the follewing are significant deficiencies except A. Absence of appropriate reviews of transactions. B. Evidence of wilful wrongdoing by lower-level employees. C. Inadequate provisions for safeguarding assets. D. Inventory is highly subject to obsolescence. 39. A primary purpese of internal controls is to A. Form a basis for evaluating employees. B. Monitor production quality. C. Avoid clerical erors. D. Meet objectives of maintaining sound documents and records and accurate financial reporting.

Explanation / Answer

Answer B. Errors and frauds have been prevented or detected

Explanation: An auditor uses the Accounting controls in order to assure that the company's financial reports or statements are valid and accurate. Furthermore, the it also facilitate to check the abuse and frauds taken on the financial grounds.

Hence, Option B is correct.

Note : Only first question is answered as per Chegg policy. Please post rest questions separately.

Thanks. Hit like.

Be Eco-friendly.

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.