Both control environment and control procedures are the elements of internal control. Thus, the correct answer is D. All of the above.
Which of the following is an element of internal control? Select one: O A. Control environment...
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
Knowledge Check 01 Which of the following are common principles of internal control? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Control environment Establish responsibility Reporting procedures Restrict access Segregate duties
The cornerstone of the internal control of cash is: Select one: O a. A petty cash system O b. The bank reconciliation O c. The double entry accounting system O d. A strong safe
Which of the following is an important internal control procedure for cash? Select one: a. Bank reconciliation b. Accountant has responsibility for operating the bank account c. Cheques are negotiable d. Cash of $1 million is locked away in a filing cabinet
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
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...
18) Which of the following is true of internal control? A) A company's outside auditor is responsible for the company's internal control system. B) Internal control procedures tend to diminish the importance of operational efficiency. C) Internal controls are only necessary for public companies. D) One of the major purposes of internal control is to ensure that the assets are safeguarded.
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A : the organization demonstrates a commitment to integrity and ethical values. B : the organization identifies risks to the achievement of its objectives across the entity and analyzes risk as a basis for determining how the risks should be managed. C : the organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. D : the board of directors demonstrates...
Question 1 Which of the following is not a limitation of internal control? the size of the company use of a bank account cost of establishing control procedures the human element