Consider how discrepancies between the design and the implementation of internal controls may occur within any given company.
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Consider how discrepancies between the design and the implementation of internal controls may occur within any given company.
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- Having a good system of internal controls is essential for businesses to minimise risks, and ensure efficient operations and compliance with relevant law and regulations. However, no matter how good the system of controls, it can never eliminate risk entirely. Identify and explain THREE reasons why this is so.Describe how general controls and application controls help to reduce IT risks in operations ?Designing effective internal controls is the responsibility of management in almost every company. In some cases, there are deficiencies in the internal control environment of a company. Consider how discrepancies between the design and the implementation of internal controls may occur within any given company. Compare the designs of your choice of two internal controls. Determine which is the preferred design for the implementation of internal controls and why it is more likely to detect accounting irregularities. Provide at least two reasons why the preferred design for internal controls is more effective than the other design. Provide a rational for your choice.
- You have just started a new job at Sun Records. Your manager, Mary Ford, is also new and she wants your help in convincing the owner, Luther Perkins, to implement some new control mechanisms. Mary wants you to come up with some reasons why creating a control system would be a good thing for Sun Records. In a memo to Mary, outline the six key reasons for controlling and why each of them is important.What are the four major categories of pervasive controls? Why would thePCAOB refer to these controls as ‘entity-level’?It is necessary for the owners and top managers to demonstrate the importance of internal controls in order to expect the employees to take the controls seriously. TRUE FALSE
- Environment Control Measures Briefly discuss each of the administrative controls. (2-3 sentences) e. Employee information and training. f. Emergency response training and education. g. Housekeeping and maintenance.There are a number of specific elements that usually contribute to a successful control environment and which may be used as indicators of the quality of the control environment of a particular organization.It also reflects the overall attitude of the client’s top management, directors, and owners of an entity about internal control and its importance Which of the following is not one of these elements? a-Organisational structure b-Human resource policies and practices c-Segregation of duties in management d-Assignment of authority and responsibilityWhat role does an employee have in the monitoring and control functions? How can they contribute to the organization's end goal?
- INFORMATION TECHNOLOGY FOR MANAGER BY GEORGE WALTER REYNOLDSWhat is the goal of an organization’s system of internal controls? Provide several examples of good internal controls and several examples of poor internal controls.Which is not a component of Internal Control? a. Control Procedures b. Control Activities c. Risk Assessment d. Information and Communication e. MonitoringDiscuss the management controls to put in place to manage more effectively both production and the trainer functions.