T/F: External auditors are responsible for designing effective controls for audit clients.
Answers
False. External auditors are not responsible for designing effective controls for audit clients.
The responsibility for designing and implementing effective controls lies with the management of the audit clients, not the external auditors. External auditors are independent professionals who perform an objective assessment of an organization's financial statements and internal controls. Their primary role is to express an opinion on the fairness and reliability of the financial statements.
While conducting an audit, external auditors may evaluate the effectiveness of the controls implemented by the management to ensure the accuracy and integrity of financial reporting. However, their role is to assess and test the existing controls rather than design new ones.
Management is responsible for establishing and maintaining internal controls that are appropriate for the organization's operations and risks. This includes designing control procedures, implementing segregation of duties, establishing monitoring systems, and ensuring compliance with applicable regulations.
External auditors may provide recommendations or suggestions for improving the effectiveness of controls based on their observations during the audit process. However, the ultimate responsibility for designing and implementing effective controls rests with the management of the audit clients.
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Related Questions
What are the approaches for learning Economics effectively?
Answers
a commuter railway has 800 passengers per day and charges each one two dollars per day. for each 1 cents that the fare is increased, 5 fewer people will go by train. what is the greatest profit that can be earned?
Answers
The biggest profit that can be made is $ 4,050 with 450 passengers.
To know how many passengers the train needs to obtain the greatest profit, it is necessary to carry out the following operation.
Subtract 5 passengers from the total passengers, and then multiply the result by $ 2.1 as shown below:800 - 5 = 495795 x $ 2.1 = $ 1,680This operation must be carried out repeatedly, decreasing by 5 passengers and increasing the value of the railway ticket by $ 0.1.
The highest value of gain that can be found with this procedure is as follows:
800 - 350 = 450450 x $ 9.0 = $ 4,050.Learn more in: https://brainly.com/question/14918190
How has globalization affected the world since the mid-20th century?
O A. It has created constant inflation that has devastated the global
economy.
B. It has reduced trade between neighboring countries.
C. It has made economies around the world more connected.
D. It has improved environmental conditions in most countries.
Answers
Answer:
C
Explanation:
A P E X
The globalization merely affected the world since the mid-20th century is has made basically and gradually economies around the world more connected Option(c) is correct.
What does Globalization means?Globalization in simple words we can say that migrating or the movement of the companies from merely one place to another for better growth opportunity and profits of the company.
As in the mid 20th century it was that globalization was at high peak it connected people and most of the organization and the companies around the world easily and there was availability more and more of high skill laborers at a low cost.
Therefore Option(c) is correct.
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As the reliability of an instrument increases, the standard error of measurement _______.
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As the reliability of an instrument increases, the standard error of measurement decreases.
What is standard error of measurement?The estimation of how repeated measures of a person on the same instrument that is distributed around the “true” score is known as the standard error of measurement (SEm).The true score is unknown because no measure can be constructed that provides a perfect reflection of the true score.SEm is directly associated with the reliability of a test; that is, the larger the SEm, the lower the reliability of the test and therefore the less precision there is in the measures taken and scores obtained.Since all measurement contains some error, it's highly unlikely that any test will yield the same scores for a given person each time they are retested.To learn more about standard error of measurement: https://brainly.com/question/1191244
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Which of the following is not an example of professional behavior
?
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what can be viewing an ad for a hotel while playing a game on your phone.
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Answer: Viewing an ad for a hotel while playing a game on your phone can be categorized as M-commerce.
Explanation: M-commerce, short for mobile commerce, refers to the buying and selling of goods and services through mobile devices, such as smartphones or tablets. It involves conducting commercial transactions using mobile apps, mobile-optimized websites, or other mobile platforms.
In the given scenario, you are playing a game on your phone and encounter an advertisement for a hotel. This implies that you are using your mobile device to engage with commercial content, making it an example of M-commerce. The ad is likely displayed within the game or through a mobile app, providing you with information about a hotel and potentially allowing you to make a booking or explore further details using your mobile device.
M-commerce has become increasingly prevalent due to the widespread use of mobile devices and the convenience they offer. It allows businesses to reach customers directly on their mobile devices, providing a seamless and accessible shopping experience.
which of the following does not exemplify an improvement in technology affecting supply? multiple choice question. invention of new vaccines increased subsidies to farmers for producing more corn advances in producing flat panel computer monitors that have greatly reduced their cost the introduction of the mass-assembly line
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Increased subsidies to farmers for producing more corn is not an example of an improvement in technology affecting supply.
An improvement in technology can refer to a new and more efficient method of production or a new product that is produced using more efficient means. It leads to an increase in supply and a decrease in the cost of production. The invention of new vaccines, advances in producing flat panel computer monitors, and the introduction of the mass-assembly line are all examples of technological improvements that have affected supply. The invention of new vaccines has improved healthcare and allowed for more people to be immunized against diseases, increasing supply. Advances in producing flat panel computer monitors have allowed for more efficient production and a decrease in production costs, increasing supply. The introduction of the mass-assembly line has allowed for more efficient production of goods, leading to an increase in supply. However, there are other factors that can affect supply, including changes in input prices, changes in the price of related goods, and changes in government policies. For example, an increase in the price of raw materials used in the production of a good can increase the cost of production and shift the supply curve to the left, leading to a decrease in supply. Similarly, an increase in the price of a substitute good can lead to an increase in demand for the good, shifting the supply curve to the right and leading to an increase in supply.
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employees with high levels of competence can choose what tasks to work on, how to structure those tasks, and how long to pursue those tasks. true or false
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The given statement: "employees with high levels of competence can choose what tasks to work on, how to structure those tasks, and how long to pursue those tasks" is TRUE.
Employees with high levels of competence have the knowledge, skills, and ability to perform their work duties in an effective and efficient way. They are not bound to follow orders blindly but can choose the tasks to work on, the way to structure those tasks, and how long to pursue those tasks.
In many cases, these employees are given autonomy over their work processes, including how to complete their duties and how long to take on specific tasks. Competent employees tend to be self-driven and proactive, requiring less oversight and management than less competent workers.
Overall, this makes them a valuable asset to any organization that can provide opportunities for their growth and development.
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*ECONOMICS* please help
thank you to whoever answers
Answers
Answer:
I think B
Explanation:
I don't know much about economics, but don't you need to have decent credit to take a loan (borrow) from the bank?
the __________ method is a framework for operationalizing a firm’s strategic plan by focusing on measurable outcomes based on dimensions of a firm’s performance.
Answers
The balanced scorecard method is a framework for operationalizing a firm’s strategic plan by focusing on measurable outcomes based on dimensions of a firm’s performance.
A balanced scorecard is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.
Scorecards provide management with valuable insight into their firm's service and quality in addition to its financial track record. By measuring all of these metrics, executives are able to train employees and other stakeholders and provide them with guidance and support.
A Balanced Scorecard approach is particularly useful for leaders that want to create a broader radar of the building blocks of organizational success. The balance aspect having multiple perspectives helps determine how strong those building blocks are and whether some are getting more attention than others.
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Decision Point: Using the Association to Grow the Business Several months after starting the advertising campaign, you meet with the director again. She says, "Our consumers are finally associating our cookie with a good-tasting experience over time. We see this in increased sales as well." She continues, "We feel that we can use this newly forged association in the consumer's mind between the cookie brand name and good taste in other ways to help grow our business, but we're not sure how. I'd like you to come up with some ideas." Which of the following options is the best choice to use the brand and its association in the consumer's mind with good taste? Select an option from the choices below and click Submit. License the brand to another company to use on a potato chip. Develop a line extension using the brand on a chocolate chip cookie. License the brand to a company that wants to use it on their lower cost baked goods.
Answers
The best choice to utilize the brand and its association with good taste in the consumer's mind would be to develop a line extension using the brand on a chocolate chip cookie. Option B.
By developing a line extension, the company can leverage the positive association consumers have between the brand name and good taste to introduce a new product variant that aligns with their existing offerings. Chocolate chip cookies are a natural fit as they maintain the core essence of the original cookie while adding a popular flavor variation.
This allows the company to tap into the existing customer base who already associate the brand with good taste and provide them with a new product option to explore.
Introducing a line extension also provides an opportunity for the company to expand its market reach and capture new customers who may be attracted to the brand's reputation for quality and taste. By leveraging the positive brand association, the company can differentiate its chocolate chip cookies from competitors and establish a strong presence in the market.
On the other hand, licensing the brand to another company to use on a potato chip or licensing it to a company that wants to use it on their lower-cost baked goods may dilute the brand's association with good taste. Associating the brand with lower-cost or unrelated products could create confusion among consumers and weaken the brand's overall image.
Therefore, developing a line extension with a chocolate chip cookie aligns with the brand's existing identity, capitalizes on the positive association with good taste, and provides the company with the opportunity to expand its product portfolio while maintaining brand consistency and consumer loyalty. So Option B is correct.
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Milden Company is a merchandiser that plans to sell 41,000 units during the next quarter at a selling price of $66 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost Formula Cost of good sold $ 33 per unit sold Advertising expense $ 189,000 per quarter Sales commissions 6% of sales Shipping expense $ 39,000 per quarter $4.00 per unit sold Administrative salaries $ 99,000 per quarter Insurance expense $ 10,900 per quarter Depreciation expense $ 69,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.
Answers
Milden Company is a merchandiser that plans to sell 41,000 units during the next quarter at a selling price of $66 per unit. The company also gathered the following cost estimates for the next quarter Cost Cost Formula Cost of good sold $ 33 per unit sold Advertising
expense $ 189,000 per quarter Sales commissions 6% of sales Shipping expense $ 39,000 per quarter $4.00 per unit sold Administrative salaries $ 99,000 per quarter Insurance expense $ 10,900 per quarter Depreciation expense $ 69,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter contribution format income statement for the next quarter is as follows Particulars Amount ($)Amount ($)Sales Revenue $66)2,706,000Variable of goods $33)1,353,000Advertising Expense-Variable189,000Sales are the Commissions (6% × $2,706,000)162,360Shipping Expense (41,000 × are the $4)164,000Contribution Margin 847,640Fixed Costs Administrative Salaries 99,000Insurance
Expense10,900Depreciation Expense69,000Total Fixed Costs 178,900Net Operating Income $668,740Therefore, the contribution margin is $847,640, and the net operating income is $668,740.2. The long answer of a traditional format income statement for the next quarter is as follows Particulars Amount ($)Amount ($)Sales Revenue $66)2,706,000Cost of Goods Sold Beginning Inventory0Add: Purchases 1,353,000Cost of Goods Available for the Sale1,353,000Less: Ending Inventory0Cost of Goods Sold1,353,000Gross Profit 1,353,000Less: Operating Advertising Expense189,000Sales Commissions162,360Shipping Expense164,000Administrative Salaries99,000Insurance Expense10,900Depreciation Expense69,000Total Operating Expenses694,260Net Operating Income $658,740Therefore, the gross profit is $1,353,000, and the net operating income is $658,740.
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douglas fur is a small manufacturer of fake-fur boots in new york city. the following table shows the company’s total cost of production at various production quantities.
Answers
The missing data in the graph are:
Average Variable Cost: 120, 90, 75, 70, 73, and 80.
Average Total Cost: 120, 120, 95, 85, 85, and 90.
To calculate the Average Variable Cost it is necessary to use the following mathematical formula:
AVC = \(\frac{Total Variable Cost}{Quantity}\)On the other hand, to calculate the Average Total Cost it is necessary to use the following mathematical formula:
ATC = \(\frac{TotalCost}{Quantity}\)Note: This question is incomplete because the graphic is missing. Here is the full graph.
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Most plants want to have their supplies delivered just before they are needed to be used in production
Answers
Answer:
True
Explanation:
The modern notion of "just in time" material delivery supports reduction of inventory and its associated costs. Plants that have sufficiently steady raw material usage will prefer supplies delivered "just in time."
Plants that have wildly varying production schedules or product mix may prefer a generous "safety stock." They may also prefer a generous supply inventory if their supply chain is unreliable.
It is true that most plants want to have supplies delivered just in time, but circumstances may make needs differ from wants.
Answer:
TRUEExplanation:
#CARRYONLEARNINGHow does having a list help save money at the grocery store? What other strategies can you use to save money at the grocery store?
Answers
Other strategies to help you save money would be...
1.Coupons
2.Sales
3.Going for cheaper brands
4.Only buying what you need
5.And more!
when is interest expense more than interest paid? a. when bonds are sold at a yield b. when bonds are sold at a premium c. when bonds are sold at a discount d. when bonds are sold at a margin
Answers
When bonds are sold at a premium, the interest expense will be greater than the interest paid.The correct answer is b.
Interest expense is greater than interest paid when bonds are sold at a premium. A premium is a rate that is higher than the par value or face value of a bond. As a result, when bonds are sold at a premium, it means they are sold at a higher price than the face value.
The premium represents the excess that the purchaser pays above the face value. The market's demand for bonds is one of the main reasons why bonds are sold at a premium.The interest paid is the bond's coupon rate multiplied by the face value of the bond.
The coupon rate is set by the bond issuer and does not change during the bond's life. However, the interest expense is the interest paid plus or minus the amortization of any premium or discount. The amortization of the premium lowers the interest expense, whereas the amortization of the discount raises the interest expense.
In summary, when bonds are sold at a premium, the interest expense will be greater than the interest paid.
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You purchase one Microsoft June 74 put contract for a premium of $2.37. What is your maximum possible profit? Potential profit : ________
Answers
The reason for this is because the holder of a put option has the right, but not the obligation, to sell the underlying asset (in this case, Microsoft stock) at the strike price (in this case, $74) before the expiration date (in this case, June).
If the price of Microsoft stock were to drop significantly below the strike price before the expiration date, the holder of the put option could exercise their right to sell the stock at the higher strike price, thereby generating a profit equal to the difference between the market price of the stock and the strike price, minus the premium paid for the put option.
To calculate the maximum possible profit from a put option, we need to consider the strike price and the premium paid.
Assuming the strike price for the Microsoft June 74 put contract is $74, the maximum possible profit can be calculated as follows:
Maximum Possible Profit = Strike Price - Premium Paid
Maximum Possible Profit = $74 - $2.37
Maximum Possible Profit = $71.63
Therefore, the potential profit from purchasing one Microsoft June 74 put contract is $71.63.
Freeman Corp., a large corporation, plans to issue 45-day commercial paper with a par value of $3,000,000. Freeman expects to sell the commercial paper for $2,947,000. Freeman's annualized cost of borrowing is estimated to be ____ percent.
Answers
Freeman Corp's annualized cost of borrowing is estimated to be 14.3 percent.
What is the annualized cost?The annualized cost of borrowing represents the percentage cost of debt when, for example, the 45-day commercial paper is smoothened over a year or 365 days.
Data and Calculations:Par value of 45-day commercial paper = $3,000,000
Sale proceeds from the commercial paper = $2,947,000
Discount on issuance = $53,000 ($3,000,000 - $2,947,000)
Annualized cost of borrowing = 0.143 ($53,000/45 x 365)/$3,000,000
= 14.3% (0.143 x 100)
Thus, Freeman Corp's annualized cost of borrowing is estimated to be 14.3 percent.
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After asking coworkers to review a project plan, you receive feedback. Your coworker thinks there is a better way to display the data in the business report.You should add a
title
reference
abstract
table
Answers
Answer:
table
Explanation:
When checking you tires, it’s most important to check their BLANK..
Answers
Answer:
to take a look at their tread. If the tread is beginning to wear down, then your tires will lose traction and won't grip the road as well when driving through bad weather.
Explanation:
A college is run by a board of trustees, which hires a president, who in turn selects vice presidents, deans, and other administrators. This is an example of the bureaucratic characteristic of?
Answers
A college is run by a board of trustees, which hires a president, who in turn selects vice presidents, deans, and other administrators. No this is not example of the bureaucratic chracterstic. This is example of hierarchy of authority.
What is hierarchy of authority?An organization's architecture of leadership is created to be beneficial to both the business and the employees. A good management team enables the company to thrive, and members of staff turn to management for career advancement opportunities. Other way to protect managerial integrity is through a hierarchy. In order to prevent high personnel turnover, a manager must demonstrate her competency. An organization's structure of power plays an important role in its long-term success.
Managerial accountability in the hierarchy of command shouldn't be used to cast blame or declare employees to be incompetent. Every initiative and activity inside of the business has a route of accountability thanks to a fully established structure.
Employee development takes place at every level within a company. Employees look to administration for support in the training of job skills, managing communicates with firm executives to strengthen organizational effectiveness, and executives ask guidance from business owners who do have expertise in the industry.
An employee can better understand who to get guidance from by comprehending the hierarchy of power. They can also better grasp where their manager's career development comes from. Competence is crucial at all levels of the organization's hierarchy for this reason.
Each member in the organization has a separate career path according to the hierarchy of power.
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Three characteristics of a formal business
?
Answers
Answer:
Here's some you can choose from!
Explanation:
(1) It has Defined Interrelationship
(2) It is based on Rules and Procedures
(3) It is based on Division of Work
(4) It is deliberately created
(5) It is Impersonal
(6) It is more stable
what is one major advantage of creating a division of labor?
Answers
Division of Labor's Benefits Many of the benefits of dividing labor in the workplace are self-evident. Saving time is one of them. Assigning tasks to each employee that are best suited to her abilities. Productivity is rising. For the tasks at hand, you only need one set of tools rather than many.
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The SmartArt icon will allow you to include which of the following on a slide?
Answers
I think the answer is Graphs, I hope this helps
Define a Small Scale Enterprise as per ‘MSMED Act, 2006’.
Answers
Explanation:
the Government of India has in acted, small and medium enterprises development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is an enterprise where the investment in plant and machinery is more than rate 25 lakh but does not exceed rate.
Both employer and employee are responsible for paying a set percentage of the employee's earnings. What is the name of this payroll tax? Select one: a. Federal Insurance Contributions Act withholdings b. Family Medical Leave Act withholdings c. Employee Retirement Income Security Act withholdings d. Consolidated Omnibus Budget Reconciliation Act withholdings
Answers
The payroll tax that is responsible for the employer and employee paying a set percentage of the employee's earnings is known as "Federal Insurance Contributions Act withholdings". Option A is the answer.
The Federal Insurance Contributions Act (FICA) is a payroll tax levied on both workers and employers in the United States to fund Social Security and Medicare programs. The amount of FICA tax withheld from an employee's paycheck is determined by the employee's income and the current FICA tax rate.
The employer and employee each contribute half of the total FICA tax, which is a set percentage of the employee's gross earnings.The Federal Insurance Contributions Act withholdings option (a) is the correct answer to the given question.
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10)
How might a mission statement help Donna with her new
business?
Answers
A mission statement can help Donna with her new business by providing clarity and direction for her venture. It serves as a guiding statement that outlines the purpose, values, and goals of the business.
It helps Donna align her decisions, actions, and strategies with the overall mission, facilitating focus and consistency in her business operations. A mission statement is a concise statement that articulates the purpose and core values of a business. It outlines what the business aims to achieve and how it intends to operate. For Donna, having a mission statement for her new business can provide several benefits.
Firstly, it helps Donna define the purpose and direction of her business. It clarifies the reason for starting the business and what it aims to accomplish, providing a sense of focus and clarity.
Secondly, a mission statement helps Donna communicate her business's values and principles to stakeholders, including employees, customers, and investors. It sets the foundation for building a strong company culture and aligning everyone's efforts toward a common goal.
Lastly, a mission statement can serve as a guide for decision-making and strategy development. When faced with choices or challenges, Donna can refer to her mission statement to ensure that her actions align with the overall purpose and values of her business.
A mission statement plays a crucial role in helping Donna with her new business by providing clarity, guiding decision-making, and aligning stakeholders toward a common vision.
In conclusion, a mission statement can significantly benefit Donna in her new business. It provides clarity and direction, communicates values to stakeholders, and guides decision-making and strategy development. By establishing a mission statement, Donna can effectively define her business's purpose and goals, foster a strong company culture, and make informed decisions that align with her business's overall mission. This helps create a solid foundation for success and growth in her new venture.
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Match each business management role to its corresponding description.
Answers
Answer:
Explanation:
1.) 3
2.) 4
3.) 2
4.) 1
The role of Chief operating officer is to develop policies and structure to protect company data. The appropriate response is statement 3.
Who is a Chief operating officer ?A Chief Operating Officer (COO) is a corporate leader who is in charge of managing a company's continuing business operations. The COO is often the company's second-in-command and reports to the CEO. Chief Operations Officer, Operations Director, and Director of Operations are other titles for the COO.
The CEO is in charge of managing all resources and overseeing the staff, with the COO serving as his or her deputy. In all business meetings and management decisions, the CEO represents the company. The COO manages revenue, expenses, task distribution, client happiness, and efficiency.
The appropriate responses are
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What are some legal ways to come by money?
Answers
Answer:
Blogging
Explanation:
Starting a blog and generating income is one of the fantastic and easy ways to make money legally from home if you have a specific niche in your mind and can build a decent audience around it.
For example, if you like to travel around the world, you should start a travel blog and guide people to the best places to visit, etc.
efficient allocation depends on the quality of financial professionals and the ability of financial markets to identify and direct capital to the best stewards
Answers
The statement efficient allocation indeed depends on the quality of financial professionals and the ability of financial markets to identify and direct capital to the best stewards is true.
What is capital?Capital is a broad term which describes anything that confers value or benefit to its owners, such as a factory and its machinery, intellectual property like patents, or the financial assets of a business or an individual.
Even though money itself may be construed as capital, capital is more often associated with cash. It is being put to work for productive or investment purposes. Capital in general is a critical component of running a business from day to day and financing its future growth.
Business capital may derive from the operations of the business or be raised from debt or equity financing.
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