Answer -
Matching each of the following components of internal control with its description -
Matching (by letter) | No. | Components of Internal Control |
e. | 1. | Control environment |
d. | 2. | Risk assessment |
a. | 3. | Control activities |
c. | 4. | Information and communication |
b. | 5. | Monitoring |
BE4-2 Match each of the following components of internal control with its description. Components of Internal...
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
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
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.
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
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
The components of internal control do NOT include: Question 28 options: A) risk assessment. B) control procedures. C) safeguard assets. D) 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
BE4-1 Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description. Major Provisions of the Sarbanes-Oxley Act a. Executives must personally c 1. Oversight board 2. Corporate executive accountability b. Audit firm cannot provide a c. PCAOB establishes standard 3. Auditor rotation 4. Nonaudit services 5. Internal control d. Lead audit partners are requi e. Management must document
The items below were found while reviewing internal control during your evaluation. Consider whether the item is a significant deficiency or a material weakness based on the other facts presented in the case and the materiality limits set in Milestone Two: There were several instances of transactions that were not properly recorded in subsidiary ledgers; transactions were not material, either individually or in aggregate. There are a significant number of intercompany transactions monthly. The transactions are related to...
Indicate whether each of the following statements regarding internal controls is true or false. 25 a) 1,66 points Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations b) Safeguarding assets against theft and unauthorized use, acquistion, or disposal is not part of an internal control systom. c) The mechanics of internal control systems do not vary from company to company. The Committee of Sponsoring Organizations' (COSC) framework...