This topic contains a solution. Click here to go to the answer

Author Question: When a compensating control exists, the absence of a key control (Read 81 times)

knightj

  • Full Member
  • ***
  • Posts: 163

Question 1

To determine if significant internal control deficiencies are material weaknesses, they must be evaluated on their

LikelihoodSignificance
YesYes


LikelihoodSignificance
NoNo


LikelihoodSignificance
YesNo


LikelihoodSignificance
NoYes


Question 2

When a compensating control exists, the absence of a key control
◦ is no longer a concern because there is no longer a significant deficiency or material weakness.
◦ is still a major concern to the auditor.
◦ could cause a material loss, so it must be tested using substantive procedures.
◦ is magnified and must be removed from the sampling process and examined in its entirety.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by knightj on Aug 21, 2022

hiyayyay

  • Full Member
  • ***
  • Posts: 204
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly




knightj

  • Member
  • Posts: 163
Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)


bblaney

  • Member
  • Posts: 323
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

For a complete list of videos, visit our video library