The degree of effectiveness of an internal control system depends on:

Auditing Mcqs 30/09/2020

A. The design of the internal control system and the implementation of the controls
B. The design of the internal controls and the implementation of the control system
C. The implementation of the controls and the correctness of the accounting records
D. The design of the internal control system and the correctness of the accounting records

Related Mcqs:

    Which of the following are you unlikely to see in the current file of auditors’ working papers?
    A. Memorandum & articles of association B. Audit planning memorandum C. Summary of unadjusted errors D. Details of the work done on the inventory count...
    The current file of the auditor’s working papers, generally, should include____________?
    A. A flowchart of the internal controls B. Organisation charts C. A copy of financial statements D. Copies of bond and debentures...
    Auditing is what?
    A. Reporting the financial information B. Examination of financial statements C. Preparation financial statements D. maintaining the ledger records...
    Audit of banks is an example of__________?
    A. Statutory audit B. Balance sheet audit C. Concurrent audit D. Both (A. and (B. E. All of the above...
    If the book value of an asset stands at________per cent of the original cost, a company need not provide depreciation on it.
    A. two B. fifteen C. five D. ten...

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