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1. Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.
2. The president of a fast-growing, high-technology firm remarked, "Developing budgets and comparing performance with the budgets may be fine for some firms. But we want to encourage innovation and entrepreneurship. Budgets go with bureaucracy, not innovation." Do you agree? How can a management control system encourage innovation and entrepreneurship?
A computer diskette manufacturer is concerned that some diskettes have bad sectors that would cause a diskette to hold less information than it was intended to hold.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
You are required to identify a current controversy relating to Auditors' Independence.
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit.
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
To prepare a report on a criteria audit conducted at Curtin Hospital.
Show the audit inherent risk and rate the risk as low, medium or high.
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
What are some major components of an internal control system? Are these components always necessary?
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
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