Communication

QUESTION 1

1. Communication is an important skill of a professional accountant. This includes communicating with outside sources for reporting financial information and accessing industry trends. List five sources of external information that should be monitored.

QUESTION 2

1. Management should use the COSO Framework to design Control Activities to support the achievement of objectives. But that’s just the beginning. Those activities need to be tested to determine if they work and are followed but the time and effort required to test all of them does not have a positive cost-benefit analysis. How does management and the external auditors determine which controls are to be tested?

QUESTION 3

1. How can the testing of the effectiveness of internal controls be performed objectively?

QUESTION 4

1. What are some of the benefits of using blockchain?  What are the risks of an organization’s usage?