Which of the following elements of internal control focuses on locating weaknesses and improving control effectiveness?...
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
Homework Answers
SOLUTION :
(b) Risk Assessment
Risk Assessment procedures are performed to obtain an understanding of the entity's environment and internal control to identify and assess the weaknesses in the control system.
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Which of the following elements of internal control focuses on
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Principles of auditing ch 8 Internal Controls QUESTION 10 Which of the following elements is not...
Principles of auditing
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Which of the following COSO components is the foundation for all other components of internal control?...
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BE4-2 Match each of the following components of internal control with its description. Components of Internal...
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Principles of auditing
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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...
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
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