Question

16. The Privacy Standards were designed to accomplish_ broad objectives. 17. Identify and discuss the American Institute of Certified Public Accountants' five inter-related components of internal controls. 18. Healthcare providers that are paid under bundled service arrangements must their cost of production. control review manage monitor 19. Medicare (after 1983) beginning paying hospitals for inpatient care using a retrospective payment system prospective payment system

Answer 1

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16	The privacy standards were designed to accomplish three broad objectives.
17	Internal control consists of five interrelated components:
	a. Control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure.
	b. Risk assessment is the entity’s identification and analysis of relevant risks to achievement of its objectives, forming a basis for determining how the risks should be managed.
	c. Control activities are the policies and procedures that help ensure that management directives are carried out.
	d. Information and communication systems support the identification, capture, and exchange of information in a form and time frame that enable people to carry out their responsibilities.
	e. Monitoring is a process that assesses the quality of internal control performance over time.
18	Monitor their cost of production.
19	Prospective Payment system