Which of the Following Questions Would an Auditor Least Likely

question 50

Multiple Choice

Which of the following questions would an auditor least likely include on an internal control questionnaire concerning the initiation and execution of equipment transactions?

• A)Are requests for major repairs approved at a higher level than the department initiating the request?
• B)Are dispositions authorized at a level above the department initiating the disposition?
• C)Are requests for purchases of equipment reviewed for consideration of soliciting competitive bids?
• D)Are procedures in place to monitor and properly restrict access to equipment?

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Definitions:

Worksheet

A paper or digital document used to organize and simplify complex accounting tasks, calculations, or plans.

Adjustment Process

A series of steps taken at the end of an accounting period to prepare financial statements, involving recording and updating entries.

Generally Accepted Accounting Principles

The common set of accounting principles, standards, and procedures that companies use to compile their financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.