Tutorial_7_2010 - University of the West Indies Mona...

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University of the West Indies, Mona Department of Management Studies MS 36E – Auditing I; Semester I, Sept - Dec 2010 TUTORIAL QUESTIONS 7 . 1. Describe each of the three broad objectives management typically has for internal control. With which of these objectives is the auditor primarily concerned? (8 marks) The three broad objectives management typically has for internal control. They include: a. Reliability of financial reporting : the intention of useful internal control over financial reporting is to execute the financial reporting responsibilities of management. The management has a legal and professional duty to present information in the form of financial statements to their investors, creditors and other users that are fair and in accordance with the specific standards. b. Efficiency and effectiveness of operations : controls within a company promote efficient and effective use of its resources to achieve the company’s goals successfully. A significant purpose of these controls is precise financial and
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This note was uploaded on 11/10/2010 for the course DOMS MS42f taught by Professor Johnbrown during the Spring '10 term at University of the West Indies at Mona.

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Tutorial_7_2010 - University of the West Indies Mona...

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