1. Assume that management had determined that its organization's auditcommittee is not effective. How do the weaknesses in audit committeeaffect management's evaluation of internal control over financialreporting? Would an ineffective audit committee constitute a materialweakness in internal control over financial reporting? State the rationalefor your response.

The Audit committee is in control in observing the decision of bookkeeping approaches and standards…

Answered: management had determined that its…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Evaluate the following comment by an auditor: “My job isto determine whether the payroll records are fairly stated in accordance with accountingstandards, not to find out whether they are following proper hiring and terminationprocedures. When I conduct an audit of payroll, I keep out of the human resourcesdepartment and stick to the time cards, journals, and payroll checks. I don’t care whomthey hire and whom they fire, as long as they properly pay the ones they have.
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