Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
Answer:
equal to the british interest rate
Explanation:
Data provided in the question
The Interest rate on these securities = 12%
In the U.S, the interest rate = 10%
Also the spot rate for today would become suitable for the spot rate
Based on the above information, the effective yield on the british securities would be equivalent to the british interest rate and hence the same is to be considered
Answer:
Race
Gender
Language
Inequality
Beliefs
Explanation:
Race: the business should not discriminate employees because of their race/skin color
Gender: equality between all genders in the workplace
Language: train and communicate with all employees with language applicable to all employees
Inequality: treat all employees equally and equal opportunities to all despite their backgrounds
Beliefs: avoid discriminating and disrespecting other people's beliefs
Answer:
A partnership's allocations of income and deductions to the partners are required to be proportionate to the partners' percentage ownership of partnership profits in order to meet the substantial economic effect tests.
True
Explanation:
Equity and equality must be put in place as a yardstick to allocate such which would bring a common ground for both parties.
Answer:
Charlotte has the priority to claim Autumn as her dependent even though William covered 70% of her living expenses during the year. In order for a parent to be able to claim a child as a dependent, he/she must live with the child for more than half the year. In this case, since William left the house, Charlotte has preference over claiming Autumn as her dependent (even though William lived with Autumn for 10 months). Also, a parent always has priority over other relatives including a grandparent.
