Which of the following is an attribute of the internal control component—monitoring of controls?
A) Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate.
B) Monitoring of controls is the "tone at the top" of the business.
C) Monitoring of controls is designed to ensure that the business's goals are achieved.
D) Monitoring of controls deals with identification and assessment of business risks.
A
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A company has inventory of 20 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 15 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO periodic inventory method, what is the value of Cost of goods sold on August 15?
a. $140. b. $160. c. $370. d. $210. e. $590.
Intermediaries that facilitate negotiations between buyers and sellers of goods and services but never take ownership of products traded are called retailers
Indicate whether the statement is true or false