The components of internal control do NOT include:
Question 28 options:
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The components of internal control are 1. Risk assessment 2. Control environment 3. Control activities 4. Information 5. Monitoring |
The components of internal control do NOT include: Question 28 options: A) risk assessment. B) control...
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
Which of the following COSO components is the foundation for all other components of internal control? a. Control environment. b. Control risk assessment. c. Monitoring. d. Information and communication.
Which of the following elements of internal control focuses on locating weaknesses and improving control effectiveness? a. Control environment b. Risk assessment c. Monitoring d. Control procedures
Five components are as following: Can any of these five components be combined for the COSO? Control environment Control activities Risk assessment Information and communication Monitoring
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
Select the appropriate components of internal control for each of the following descriptions Components of Internal Control Descriptions a. Procedures for maintaining separation of duties b. Routine activities that are meant to continually observe internal control activities c. Transfer of data from lower managers to top executives for accurate financial reporting d. Formal policies to evaluate internal and external threats to achieving company objectives . Overall attitude of the company with respect to internal controls
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...
Principles of auditing ch 8 Internal Controls QUESTION 10 Which of the following elements is not a part of an entity's internal controls? A. Information and communication systems support. B. Control risk. C. Control activities. D. The control environment. QUESTION 11 Which of the following is the correct order for performing the procedures noted? A. Perform substantive tests, test controls, understand the system of internal control. B. Test controls, understand the system of internal control, perform substantive tests. C. Test...
describe the 5 internal contros and give examples how managers used them on business Components of Internal Control aControl Environment Risk Assessment Control Activities lnformation and Communication Monitoring
Question 13 When control risk is deemed high, the auditor should: (Select the correct answer.) a. Perform sufficient and appropriate substantive procedures that reduce detection risk to a low level. b. Perform sufficient and appropriate substantive procedures that reduce inherent risk to a low level. c. Perform fewer sufficient and appropriate substantive procedures in order to increase detection risk. d. Resign from the audit engagement. Question 14 An auditor determines that management integrity is high, the RMM is low, and...