In a Large Pubic Corporation, Evaluating Internal Control Procedures Should

question 4

Short Answer

In a large pubic corporation, evaluating internal control procedures should be responsibility of:
A. Accounting management staff who report to the CFO.
B. Internal audit staff who report to the board of directors.
C. Operations management staff who report to the chief operation officer.
D. Security management staff who report to the chief facilities officer.

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Definitions:

Suspicious Financial Dealings

Transactions that raise concerns about legality, often indicating potential fraud or money laundering.

Professional Ethics

The moral principles and standards that guide behavior within a profession.

Fraudulent Conduct

Deliberate deception practiced to secure unfair or unlawful gain, often leading to financial or personal losses for the victim.

Negligence Theory

A legal principle asserting that a defendant's failure to exercise reasonable care under the circumstances results in unintentional harm to another party.