Multiple Choice
The basic concept of internal control that recognizes the cost of internal control should not exceed the benefits expected to be derived is known as:
A) Reasonable assurance.
B) Management responsibility.
C) Limited liability.
D) Management by exception.
Correct Answer:
Verified
Correct Answer:
Verified
Q17: An auditor would most likely be concerned
Q18: The normal sequence of documents and operations
Q19: Which of the following procedures most likely
Q20: As the acceptable level of detection risk
Q21: The concept of reasonable assurance in the
Q23: For certain controls, such as segregation of
Q24: Before applying substantive procedures to the details
Q25: As part of gaining an initial understanding
Q26: Internal control consists of six components.
Q27: The auditor should consider all of the