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uysha [10]
2 years ago
12

michael was on the abc accounting firm's audit team for the rasmussen corporation audit. rasmussen's officers were so impressed

with michael that they offered him a job as director of internal audit at rasmussen. what should michael do in order to preserve independence?
Business
1 answer:
nirvana33 [79]2 years ago
6 0

In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.

<h3>What is Independence in this case?</h3>

The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.

Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.

Learn more about internal control:
brainly.com/question/26398073
#SPJ1

Full Question:

Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?

A) Tell his superiors as soon as he has decided whether or not to accept the offer.

B) Remove himself from the engagement as he considers the offer.

C) Pray for divine guidance.

D) If he decides to reject the offer, remove himself permanently from the engagement.

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Given some of the apparent problems with Wilkerson’s cost system, should executives abandon overhead assignment to products enti
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Current issues in the framework by regarding fabricating costs as a period cost  

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6 0
2 years ago
The role of the entrepreneur in society is to:__________
Cerrena [4.2K]

Answer:

b) bring the factors of production together and take the risks of producing output.

Explanation:

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The role of an entrepreneur is to bring together all factors in order to serve the purpose of creating valued-added output that can be sold at a price higher than the cost price in order to make a profit.

All in all, the role of an entrepreneur is not just to provide capital or control land but bring all factors of production together

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Cody Manufacturing started doing business on January 1st of the current year. Cody estimates that its sales will be 9,000 units
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i like it

4 0
3 years ago
A country's export ratio is Group of answer choices The ratio of imports to GDP. The ratio of imports to exports. The ratio of t
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A country's export ratio is the ratio of imports and exports.

<h3>What is the export ratio?</h3>

Export ratio is the ratio of import to export. Export would comprise of goods and services produced in the US that are been sold to foreign countries. Import would comprise of foreign produced goods and services that are been sold in the US

To learn more about imports, please check: brainly.com/question/26497713

#SPJ1

4 0
2 years ago
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