An internal control system is made up of all rules and processes that are used to safeguard assets, assure accurate accounting, improve efficiency, and enforce compliance with business standards. Are you in agreement or disagreement with this assertion? How come or why not?

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following is not considered to be part of the internal control structure of a company?…

A:

Q: A system that establishes financial accountability for operating segments within an organization is…

A: Responsibility Accounting is a system of control where responsibility is assigned to a person.

Q: S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage…

A: The question is based on the concept of Auditing

Q: Describe the nature of activities that internal auditors do.How important is internal audit to a…

A: An internal auditor is a person who provides how accurately the financial statements of a company…

Q: Accounting information's integrity is enhanced via audits.

A: This question explains about accounting information's integrity is enhanced via audits.

Q: Internal controls are grouped into the following categories: Efficient operations, financial…

A: Internal controls are implemented to prevent fraud in the organization. These are the rules or…

Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: The most important fundamental component of an entity’s internal control isa. Effectiveness and…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following control objectives in the General Ledger activities under the…

A: R2R is a Finance and Accounting (F&A) management process that entails gathering, analysing, and…

Q: A transaction-level internal control activity is best described asa. An action taken by auditors to…

A: Answer:   Option b

Q: The internal audit, which is a tool to evaluate the working of each management function, It refers…

A: Internal audit: Internal Audit is a department or a corporation of individuals within a corporation…

Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…

A: The answer for the True or false question on the applicability of Conceptual framework is discussed…

Q: The internal control of an organization is made up of O control of the environment. O all of these.…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: What term is used to describe broadly to the manner in which an organization is governed or managed…

A: Corporate governance refers to the set of rules, procedures, systems, processes designed for the…

Q: All of the following are objectives of internal control excepta. to ensure accurate and reliable…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Critically appraise the Internal Audit function of the company. Add information about the internal…

A: Answer:-  Internal Audit meaning:- Internal audit helps in the assessment of the company's internal…

Q: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires…

A: Enterprise risk management :-  It provides framework for risk management. It Involves the…

Q: Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Explain the relationship between corporate ethics and internal control.

A: Corporate ethics: Corporate ethics are also known as business ethics. It refers to policies,…

Q: Which of the following is not considered to be part of the internal control structure of a…

A: Every business organisation has its own objectives and goals. Business wants to achieve that goals…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: The study and verification of a company’s financial records is described by the term audit in…

Q: To what extent do auditors contribute to the smooth functioning of a company? Using appropriate…

A: Auditing: Cross-checking financial records with physical inventory and other data is called…

Q: In the integrated audit of an issuer, which of the following would not be considered an entity-level…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: Explain the sentence "The overall objective and scope of an audit does not change in a CIS…

A: Audit procedure is different types of steps that are followed by an auditor while conducting the…

Q: Question 9 Which of the following is not considered to be part of the internal control structure of…

A: components of Internal control structure :  control environment , Risk assessment , control…

Q: An internal control system consists of all policies and procedures used to protect assets, ensure…

A: Controls are the rules, procedures, and activities which are implemented within an organization for…

Q: Internal control procedures are important in every business, but at what stage in the development of…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: Auditors seek to understand a client's internal control in order to better serve their clients.

A: This question tells about Auditors seek to understand a client's internal control in order to better…

Q: Explain the importance of Audit committee in an organization

A: Audit refers to the process of physically investing or examining the financial information of any…

Q: Explain the primary functions of internal controls procedures in the accounting area

A: Definition: Internal control: The internal control refers to the plan of a company. Implementation…

Q: 2- Write about the implementation of SysTrust (integrity, security, availability, privacy and…

A: Internal control is defined as the mechanism which makes sure that the information provided by the…

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Which of the following is not considered to be part of the internal control structure of a company?…

A: Answer:  Publish accurate financial statements on a regular basis.

Q: Auditors get an awareness of a company's internal control systems for a variety of reasons

A: Auditor: The auditor is the one who is believed to be in charge of determining the integrity of the…

Q: Is an organization’s internal audit function part of its system of internal controls? If your answer…

A: Internal Audit Internal audit refers to the department set inside a business that monitors the…

Q: Which of the following is more likely to occur when an entity has effective internal controls?…

A: Internal control means the mechanisms, rules, procedures etc. which are implemented by a company to…

Q: companies have accounting system to ensure all valid transactions are properly  recorded within a…

A: All company need to have proper accounting system as these accounting system ensure the operating…

Q: Internal control provides reasonable assurance means that ?         internal control has its…

A: Lets know briefly about the reasonable assurance. Reasonable assurance means a assurance which…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Explain why many people think of internal auditors as theprimary group responsible for conducting…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…

Q: All of the rules and processes used to safeguard assets, assure accurate accounting, promote…

A: Internal Control: It is a system in which all the company's transactions get tracked and carefully…