Which of the Following Questions Would an Auditor Least Likely

question 52

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 prenumbered purchase orders used for equipment and periodically accounted for?
• 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:

Balance-Of-Trade Deficit

A situation where a country's imports exceed its exports, leading to a negative balance in trade.

Coal

A fossil fuel used primarily for electricity generation and steel production, composed mostly of carbon.

Import Quotas

Import quotas are government-imposed limits on the quantity or value of goods that can be imported into a country, used to protect domestic industries and regulate international trade.

Tariffs

Taxes imposed by a government on imported goods, often to protect domestic industries from foreign competition.