64) budgeting and external audits are examples of what kind of controls? A) Strategic controls b) Financial controls Business controls c) Business controls d) All of the above
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64) budgeting and external audits are examples of what kind of controls?
A) Strategic controls
b) Financial controls Business controls
c) Business controls
d) All of the above
Step by step
Solved in 2 steps
- Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.Refer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?125) Which of the following is an internal financial control? A) Budgeting b) Goal setting c) An audit conducted by KPMG d) A and B e) A and B and C
- Internal Controls should be created with focus on which aspect of the organization? All of the Above Operational Reporting Financial Reporting Compliance ReportingInternal controls are grouped into the following categories: Efficient operations, financial analysis, and compliance Effective operations, financial reporting, and compliance. Efficient operations, financial analysis, and management reporting. Production and operations, financial reporting, and management reportingThe most important fundamental component of an entity’s internal control isa. Effectiveness and efficiency of operations.b. People who operate the control system.c. Reliability of financial reporting.d. Compliance with applicable laws and regulations.
- Question 3: It is a document which defines the objectives of budgetary control system. It spells out the duties and responsibilities of budget officers regarding the preparation and execution of budgets. It also specifies the relations among various functionaries. A document, schedule or booklet which sets out inter alia, the responsibilities of the persons engaged in the routine of and the forms and records required for budgetary control. ِِA) Understanding the above paragraph and Identify the document and how the document is useful to the organization.Which of the following is NOT a requirement in management’s report on the effectiveness of internal controls over financial reporting?a. A statement of management’s responsibility for establishing and maintaining adequate internal control user satisfaction. b. A statement that the organization’s internal auditors have issued an attestation report on management’s assessment of the company’s internal controls. c. A statement identifying the framework management uses to conduct its assessment of internal controls. d. An explicit written conclusion as to the effectiveness of internal control over financial reporting.fast plz Internal controls are grouped into the following categories: Efficient operations, financial analysis, and compliance Efficient operations, financial analysis, and management reporting. Effective operations, financial reporting, and compliance. Production and operations, financial reporting, and management reporting
- Which of the following outcomes is NOT a desired outcome of a financial audit? Test internal controls Examine completeness of financial records Assess legality of transactions Evaluate public opinion of the budgetWhich of the following is desirable in a good system of internal accounting controls? Select one: O O O a. Develop plans and budgets b. Encourage employee collusion c. Maintain adequate accounting records d. Two of the above e. None of the aboveDiscuss the importance of internal controls in accounting and provide examples of effective control measures.