0
What else can I help you with?
Who must establish internal controls based on documented risk assessment?
Assessable Unit Manager
Can a audit be qualified based on internal control on financial reporting?
Can not answer this question - reword it.
How does the legislation affect the internal audit process?
The two pieces of legislation that have probably had the greatest effect on internal audit are the Foreign Corrupt Practices Act of 1977, which changed the reporting relationships and authority of internal audit and Sarbanes Oxley Act of 2002 which requires certain tests be performed on publicly traded companies. Both have changed the function of internal audit. Many other pieces of legislation also affect internal audit, some are industry specific some are more broad based.
How Internal audit is different from Risk based internal audit?
A risk base internal audit is latest approach to ensure best practices aiming at maximizing the impact of audit by focusing on the major strategy ,regulatory, financial and operation risk that confront an organization while internal audit is traditional independent examination of financial and operation of an organization to ensure economic,effective and efficiency utilization of an organizations resources
How do you set transaction limits?
Transaction limits can be set through the financial institution's online banking platform or mobile app, where users can specify maximum amounts for daily transactions, withdrawals, or transfers. Alternatively, businesses can implement limits within their accounting or payment processing software based on their financial policies. It's essential to regularly review and adjust these limits to align with changes in financial goals or security concerns. Always ensure that any changes comply with regulatory guidelines and internal controls.
System based audit?
Systems Based Auditing (SBA) was developed during the late 1960s and early 1970s. Before SBA was invented the auditing methods in use were in the main reactive, a prime example is the infamous transaction testing audit method known as 'tick and turn'. Although SBA has been in use for over 40 years, there are still misconceptions about what SBA is. SBA is an audit methodology designed to check upon the adequacy and effectiveness of internal controls in both financial and non-financial systems
Decisions favorable to social legislation were based on the police power of the states?
No, the decisions favorable to social legislation were not based on the police power of the states. These decisions were based on the needs of the people within the states.
What is audit attestation?
Audit attestation refers to the process by which an independent auditor evaluates and verifies the accuracy and reliability of financial statements or other information prepared by an organization. The auditor provides an opinion on whether the information is presented fairly in accordance with applicable accounting standards. This assurance helps stakeholders, such as investors and regulators, make informed decisions based on the credibility of the reported data. Attestation can also extend to non-financial information, such as compliance with regulations or internal controls.
Name four primary components of the bank secrecy act?
A system of internal controls, including risk-based policies and procedures; designated individual responsible for compliance; ongoing training; and independent testing.
What is Financial aid that is given based on a family's financial background called?
need-based
What Controls what goes in and out of the cell?
The cell membrane controls what goes in and out of the cell. It is a selectively permeable barrier that allows certain substances to pass through while preventing others from entering or leaving the cell. This helps maintain the internal environment of the cell.
What Attestation by an auditor is the?
An attestation by an auditor is an independent evaluation of a company's financial statements or other information, providing assurance about their accuracy and reliability. This process involves the auditor assessing the subject matter, which may include financial reports, compliance with regulations, or internal controls. The auditor then issues a report that expresses their opinion on whether the information is presented fairly in accordance with applicable standards. This attestation helps stakeholders, such as investors and regulators, make informed decisions based on the credibility of the reported information.
