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.
Answer:
$11,671.73
Explanation:
The computation of the bank statement dated October 31,2015 balance is
Ending balance $21,335.83
Less: Outstanding checks -$9,669.69
Add: Interest received $30.59
Less: Service charged -$25
Reported balance $11,671.73
We simply deducted the outstanding checks and service charged and the rest items would be added to the ending balance so that the reported balance could come
Answer: The correct answer is True.
Explanation: This is a case of employer liability - employers are liable to their employees' act, whether it was due to the employer's intention or not, or whether the employer means to cause harm or not, provided the employees still act within the scope of their employment. The same applies if the employees had carried out good deeds within the scope of their employment, the employers share the good news - just the same way an employer profits from employee's labor, the employer is legally liable when the employee commits harm.
Employers are <em>vicariously liable</em> under doctrine of "respondeat superior" for the negligence or omissions caused by their employees during the course of their employment with the company. The doctrine of "respondeat superior" according to Law dictionary means a doctrine in tort law that makes a master liable for the wrong of a servant. There was a particular scenario I witnessed: a colleague of mine while working late at work had a visitor at the Reception and opted to see him. Unfortunately for her, an accident happended - a car broke into the office and she sustained a lot of injuries. The employer paid for all her reimbursable expenses during her treatment, paid her mum a certain amount for taking care of her, including buying her a new phone because the old one got damaged during the accident although insurance took care of some of the health bills. Because the employer knew it was binding in the court of law, she could not be forced to resume. She eventually resumed after 6 months!
Answer:
Additive; continuous; homozygous; homozygous.
Explanation:
The variation in weight in a population may be explained by the segregation of 10 genes that control weight in a simple <u>additive</u> genetic fashion, the distribution will be<u> continuous</u> from the lowest value <u>homozygous</u> for one allele at all 10 genes to the highest value <u>homozygous</u> for the other allele at all 10 genes.
Continuous phenotypic variation can be caused by many genes affecting a trait and/or environmental variation.
Answer:
d) The ROE would increase
Explanation:
Since the company's operating income will remain unchanged, net income will decrease due to interest expense, but the total number of shares outstanding will decrease. This will result in a higher EPS (earnings per share), and a higher ROE (return on equity), but it would also make the company's risk increase and Re (cost of equity) increase.
