Effective segregation of duties is sometimes not economically feasible in a small business. What internal control elements do you think can help compensate for this threat?
Discuss why it is crucial that internal auditors report solely to the uppermost level of management (either to the chief executive officer or the audit committee of the board of directors) and answer to no other group.
Design substantive procedures for detecting irregularities in accounts receivable. Design substantive procedures for detecting inventory irregularities. Design substantive procedures for detecting irregularities in fixed assets.
Define the management assertions of existence or occurrence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.
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