Select the appropriate components of internal control for each of the following descriptions Components of Internal...

Question

Question

Select the appropriate components of internal control for each of the following descriptions Components of Internal Control D

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a. Control activities

b. Monitoring

c. Control environment

d. Risk assessment

e. Information and communication

Add a comment

Answer 2

Similar Homework Help Questions

BE4-2 Match each of the following components of internal control with its description. Components of Internal...

BE4-2 Match each of the following components of internal control with its description. Components of Internal Control a. Procedures for maintaining ser b. Routine activities that are meai 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring c. Transfer of data from lower ma d. Formal policies to evaluate inte e. Overall attitude of the company
Indicate the COSO component that matches with each of the following internal control activities. COSO components...

Indicate the COSO component that matches with each of the following internal control activities. COSO components Internal control activities a. Reporting of control effectiveness to mid-level managers. b. Independent review of controls c Analyses of fraud risk factors. d. Implementation of policies to reduce risk of internal control failure Information & communication Monitoring Risk assessment Control activities
Respond to the following in a minimum of 175 words: Internal control is a process that...

Respond to the following in a minimum of 175 words: Internal control is a process that is designed to help firms reach their goals and objectives as measured with respect to maintaining reliability, operational efficiency and effectiveness, and consistent financial reporting. In addition, adequate internal control ensures mitigating risks and compliance with regulations and policies. Explain the five components of internal control.

1. Identify the five components of a good internal control system. 2. "Internal control is concerned...

1. Identify the five components of a good internal control system. 2. "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain. 3. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company. 4. What principles of internal control apply to most organizations? 5. How do documentation procedures contribute to good internal control? 6. What internal control objectives are met by physical controls? in internal...
ON 4. (7 points) Below are descriptions of internal control problems. In the space to the...

ON 4. (7 points) Below are descriptions of internal control problems. In the space to the left of each item, enter the code letter of the one best internal control principle that is related to the problem described. Internal Control Principles A. Segregation of duties B. Establishment of responsibility C. Human resource controls D. Physical controls E Documentation procedures F. Independent internal verification 1. The same person opens incoming mail and posts the accounts receivable subsidiary ledger. 2. Three people...
Wong has the following internal controls over cash receipts and cash payments. Identify the control activity...

Wong has the following internal controls over cash receipts and cash payments. Identify the control activity that is applicable to each item in the table shown below: All cash is deposited intact, in the bank account, daily. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls Blank cheques are stored in a safe in the controller’s office. Segregation of Duties/Independent checks of performance/Documentation procedures/Physical and it control/ Establishment of responsibility/Human Resource Controls All cashiers...

learn about the concept of Internal Control. This is the policies, procedures and practices that a...

learn about the concept of Internal Control. This is the policies, procedures and practices that a company puts in place to make sure that company assets are protected and that the company's accounting records are true and accurate. The material in the chapter that discusses the Sarbanes-Oxley Act emphasizes how important Internal Controls are and the penalties that can be imposed on a company for not following good internal control practices. Please answer the following questions regarding Internal Controls --Of...
Chester Company has established internal control policies and procedures in order to achieve the following objectives:...

Chester Company has established internal control policies and procedures in order to achieve the following objectives: 1) Effective evaluation of management performance. 2) Assure that the accounting records contain reliable information. 3) Safeguard the company's assets. 4) Assure that employees comply with company policy. Which of these objectives are achieved by accounting controls?
1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives...

1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives of a system of internal control? 4. Enumerate, and explain briefly, the components of an internal control. 5. What is the control environment? What are the elements that comprise the control environment? 6. What is meant by risk assessment process? 7. What is an information system? 8. What are control activities? 9. Give the different types of control activities. 10. Why is it necessary...

1)An effective and robust system of internal control ________. A) should be carefully examined to see...

1)An effective and robust system of internal control ________. A) should be carefully examined to see if the benefits outweigh the costs of providing such a system B) will eliminate all risks related to entity objectives C) will guarantee that the entity will meet its objectives D) can only provide an entity with reasonable assurance in achieving its financial reporting objectives 2) Physical controls are concerned with limiting ________. A) the informational output of the firm B) access to accounting...

Select the appropriate components of internal control for each of the following descriptions Components of Internal...

Homework Answers

Add Answer to:
Select the appropriate components of internal control for each of the following descriptions Components of Internal...

Post as a guest

Earn Coins

BE4-2 Match each of the following components of internal control with its description. Components of Internal...

Indicate the COSO component that matches with each of the following internal control activities. COSO components...

Respond to the following in a minimum of 175 words: Internal control is a process that...

1. Identify the five components of a good internal control system. 2. "Internal control is concerned...

ON 4. (7 points) Below are descriptions of internal control problems. In the space to the...

Wong has the following internal controls over cash receipts and cash payments. Identify the control activity...

learn about the concept of Internal Control. This is the policies, procedures and practices that a...

Chester Company has established internal control policies and procedures in order to achieve the following objectives:...

1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives...

1)An effective and robust system of internal control ________. A) should be carefully examined to see...

Select the appropriate components of internal control for each of the following descriptions Components of Internal...

Homework Answers

Add Answer to: Select the appropriate components of internal control for each of the following descriptions Components of Internal...

Post as a guest

Earn Coins

Add Answer to:
Select the appropriate components of internal control for each of the following descriptions Components of Internal...