Consider the Following Short Case as You Respond to the Next

question 46

Multiple Choice

Consider the following short case as you respond to the next question: Amanda is a partner in a CPA firm; she supervises a staff of ten professionals, some of whom are already licensed CPAs and some of whom are still working toward licensure. She is responsible for audits of independent bookstores in California, Nevada and Arizona. Amanda is concerned that the less experienced professionals she supervises are repeating the mistakes she and the more experienced professionals on her team made when they began auditing. She therefore wants to create a knowledge management system.Consider the following comments Amanda could make after purchasing or building appropriate tools for knowledge management. Which of them best demonstrates that she understands the seven steps in creating a knowledge management system?

• A)I'm glad that's over. Now that the system is designed, we don't have to think about it again.
• B)We can monitor the system in the same ways we monitor our internal control plan.
• C)Now that the system is created, we need to determine its value for balance sheet purposes.
• D)I can be assured now that relapse errors are a thing of the past.

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Definitions:

Research Source

A reference or document used to gather information for academic or professional investigation.

Company Records

Official documents that contain the history, transactions, and operational details of a corporation.

Informational Reports

Documents or presentations that provide facts or data without analysis, intended to inform the reader or audience.

Periodic Activities

Actions or tasks that are performed at regular intervals, such as monthly meetings or annual audits.