Control activities can be defined as: a. Authorized procedures b. The actions of people to help...
Control activities can be defined as: a. Authorized procedures b. The actions of people to help ensure that management directives necessary to address risks are carried out c. The particular category in which a control is placed d. A means to an end
Homework Answers
Correct answer is: b. The actions of people to help ensure that management directives necessary to address risks are carried out
Control activities are activities which ensures that actions of people in must be in accordance with the already set rules and procedures.
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Control activities can be defined as: a. Authorized procedures
b. The actions of people to help...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
Select the appropriate control activities for each of the following definitions. Control Activities b. c Definitions...
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The objective-setting component of COSO ERM outlines some necessary preconditions that must be established before management...
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1. KSAs stand for a. Keeping Service Alert b. Key Strategic Activities c. Knowing Service Actions...
1. KSAs stand for a. Keeping Service Alert b. Key Strategic Activities c. Knowing Service Actions d)Knowledge, Skills, and Abilities 2. Service can be rendered to people a. Directly by person-to-person service encounters b. Directly by person-to-property service encounters c. indirectly by high-tech service devices d. All of the above 3. The service product is a. The entire bundle of tangibles and intangibles provided by the service organization Only the tangible part of the service experience c. Only the intangible...
Each of the points listed next represents an internal control that may be implemented within a...
Each of the points listed next represents an internal control that may be implemented within a company’s accounting information system to reduce various risks. For each point, identify the appropriate business process (revenue, expenditure, conversion, administrative). (Hint: Review study objective 1,2,7 in Chapter 1). Customer credit must be authorized before a business transaction takes place. An authorized price list of goods for sale is provided. A shipping report is prepared for all shipments of goods so that customers may be...
•Please help develop an overall delivery Process using the below to be in line with Agile project...
•Please help develop an overall delivery Process using the below to be in line with Agile project management Project Management Office The Project Management Office (PMO) is an effective means for centralising all Project initiatives. It is the discipline of planning, organising and managing resources to bring about the successful completion of specific project goals and objectives. The key objective of PMO is to ensure all projects are executed on track, on schedule, within budget, and in adherence to business...
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3....
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Performance reviews 4.3. Information-processing controls 4.3.1. IT general controls 4.3.2. IT application controls 4.3.3. IT-dependent manual controls 4.4 Physical controls 4.5 Segregation of duties 5. Monitoring Following is a list of controls implemented by Waterfront, Inc. a. Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. b. Waterfront's...
The items below were found while reviewing internal control during your evaluation. Consider whether the item...
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...
3. Which of the following is NOT considered an overview aspect of risk management? 2. Know...
3. Which of the following is NOT considered an overview aspect of risk management? 2. Know yourself identify, examine, and understand the information and systems currently in place b. Know the enemy identify examine, and understand threats facing the organization c. Responsibility of each community of interest within an organization to manage risks that are encountered d. All of the above are considered to be an overview aspect of risk management 4. Communities of interest are responsible for which of...
b. Responsible is defined as being trusted or depended upon. c. Dependable is the same as...
b. Responsible is defined as being trusted or depended upon. c. Dependable is the same as trustworthy. d. Ethnicity describes the differences and similarities in identity, perspective, and points of view among people Being diplomatic means using tact and sensitivity when interacting with others. c. 26. What statement is incorrect? a Initiative is defined as the ability to start a task and energetically complete it. b. Reliable is defined as being dependable. c A team member is loyal to the...
Select the appropriate control activities for each of the following definitions. Control Activities b. c Definitions a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against their expected performance. Authorizing...
1. KSAs stand for a. Keeping Service Alert b. Key Strategic Activities c. Knowing Service Actions d)Knowledge, Skills, and Abilities 2. Service can be rendered to people a. Directly by person-to-person service encounters b. Directly by person-to-property service encounters c. indirectly by high-tech service devices d. All of the above 3. The service product is a. The entire bundle of tangibles and intangibles provided by the service organization Only the tangible part of the service experience c. Only the intangible...
3. Which of the following is NOT considered an overview aspect of risk management? 2. Know yourself identify, examine, and understand the information and systems currently in place b. Know the enemy identify examine, and understand threats facing the organization c. Responsibility of each community of interest within an organization to manage risks that are encountered d. All of the above are considered to be an overview aspect of risk management 4. Communities of interest are responsible for which of...
b. Responsible is defined as being trusted or depended upon. c. Dependable is the same as trustworthy. d. Ethnicity describes the differences and similarities in identity, perspective, and points of view among people Being diplomatic means using tact and sensitivity when interacting with others. c. 26. What statement is incorrect? a Initiative is defined as the ability to start a task and energetically complete it. b. Reliable is defined as being dependable. c A team member is loyal to the...
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