Question

1 of 2 (0 complote) estions the following terms with their definitions (Use each definition only once) onder the following definitions) Definition Moreno Internal control Control procedures Firewalls Encryption Environment Information system Separation of duties Collusion Documents 10 Audits 11 Operational efficiency 12 kassen 13. Sarbanes Oxley Act Two or more people working together to overcome Internal controls b. Part of hernal control the resources are not wasted Regules companies to reviewinmal control and take responsibility for the accuracy and completeness of their financial reports d. Should be prenumbered to prevent thell and ineficiency en acest a local network 1. Example the person who open the bank statement should not be the person who is reconciling cash Identification of certaines that may are due to a company's products, services or operations h. Examination of company's fnancial statements and accounting system by trained accounting professional Whout a wide one of this wonton cannot property to gathered and summarized The organizational and related me that safadas, encourage employees to follow.company policies, promote perationalency and could relable accounting dala * Component of Womal control the ensure business goals are achieved Rearrange data by a mathematical process m. Toth an effective one, a company's CEO and top managers must behwe honoratytost a good example for employees Done Choose from any drop down and then continue to the son

Answer 1

Internal Control- The organizational plan and all related measures that safeguard assets, encourage employees to follow company polices, promote operational efficiency, and ensure accurate and reliable accounting data.

Control procedures- Component of internal control that helps ensure business goals are achieved.

Firewalls- Limits access to a local network.

Encryption- Rearranges data by a mathematical process.

Environment- To establish one, a company's CEO and top managers must behave honorable to set a good example for employees.

Information system- Without a sufficient one of these, information cannot properly be gathered and summarized.

separation of duties- Example: The person who opens the bank statement should not also be the person who is reconciling cash.

Collusion- Two or more people working together to overcome internal controls.

Documents- Should be pre-numbered to prevent theft and inefficiency.

Audits- Examination of a company's financial statements and accounting system by a trained accounting professional.

Operational efficiency- Part of internal control that ensures resources are not wasted.

Risk Assessment- Identification of uncertainties that may arise due to a company's products, services, or operations.

Sarbanes-Oxley Act- Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports.