Decribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control. 1. Mnangement 2. External auditor 3. Internal

Q: Identify the other control procedures usually found in a company’s system of internal controlbesides…

A: Internal control are the policies and procedures implemented in an organisation to ensure that the…

Q: Discuss the importance of supervision controls in the receiving department and the reasons behind…

A: Definition:   Receiving department: The receiving department is obligation of inspection and the…

Q: Establishing and maintaining an internal control structure is the responsibility of the: Select…

A: Internal control : Internal controls are intended to safeguard  assets of business  provide…

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: Which of the following internal control components involves the ongoing evaluation of the…

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

Q: Identify each of the following as relating to (a) the control environment, (b) control procedures,…

A:

Q: How discussing control with the apprpriate levels of personnel in internal control system?

A: To achieve the organisation’s goals & objectives the board of directors along with the top tier…

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: 1. Standards requires auditors obtain an understanding of an organization’s control environment.…

A: Answer: There are various auditing standards that are to be followed by auditors as a part of…

Q: Comment on the effectiveness of this structure.

A: The role of internal audit is to provide independent assurance that an organisation's risk…

Q: COSO lists five components of internal control: control environment, risk assessment, control…

A: COSO:   It is framework that defines the internal control of an organization as an entity formed by…

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

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

Q: To test the operating effectiveness of a control, an audit team might use a combination ofeach of…

A: Internal control: It can be defined as a system that includes the policies, rules, and procedures…

Q: The test that involves inquiries and observation of client personnel and routines to determine how…

A: An audit test is a procedure designed from sample taken from a larger population. The idea is to…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Weakness or strength along with IC Principle :- 1 Weakness - Apply technological controls 2 Weakness…

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

A: Internal control system: Internal control system is a set of policies, procedures established to…

Q: Mention Four types of procedures are used to examine the operation of internal controls by the…

A: Introduction:- An audit is a "independent study of financial information of any organisation,…

Q: Required: a. Explain the purpose of a PPE register, describe its contents and state how it should be…

A: The purpose of maintaining PPE register is to provide all useful information related to all assets…

Q: Indicate the COOO component that matches with each of the following internal control activities.…

A: Internal control is a series of activities based on an organization's standard procedures that aim…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: Each of the following represents an internal control procedure except for:a. separation of duties.b.…

A:

Q: What are the three major phases in the audit team's evaluation of internal control? How does the use…

A: Internal control refers to the process that is being affected by the company’s board of directors,…

Q: Describe the four organization objective categories in the internal control framework. How are they…

A: Internal control systems are the policies, procedures framed by the management of the Company to…

Q: REQUIRED Review the eight items listed, and decide whether they represent an internal control…

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

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

Q: Give at least 5 auditor's primary consideration with respect to the components of Internal Control?

A: The five key components of the Internal controls related to Internal Control within the organization…

Q: Operating system security involves policies, procedures, and controls that determine who can access…

A: Test of controls refers to the audit process that test the control effectiveness used through the…

Q: INTERNAL CONTROL Examine the flowchart for Problem 4 and determine any control threats. Specifically…

A: Internal control means the control procedures followed by a business in order to take corrective…

Q: Select the appropriate control activities for each of the following definitions. Definitions Control…

A: a. Physical control

Q: Explain one of the principles of Internal Control Activities.

A: Internal control means creating a control environment in the organisation which ensures safeguarding…

Q: Which of the following documenting the auditor's understanding of internal controls is the best:…

A: Internal controls are defined as the procedures, mechanisms and rules executed through company in…

Q: Obtaining an understanding of internal control requires the auditor to reach a conclusion about the…

A: Ans.  Let us analyze the statements separately. Statement 1 says that obtaining an understanding of…

Q: Describe the four phases performed by the auditor when obtainingan understanding of internal control…

A: Control risks Control risks can be defined as possible risks and errors that can exist after the…

Q: Explain one of the principles of Internal Control Activities. Please explain in detail

A: Main purpose of internal control is prevent risk of fruad ,error and mistakes . There are seven…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing   Answer: TRUE   Reason : Operational Check…

Q: List at least 5 control measures per principle of control activities (Establishment of…

A: Internal control refers to that mechanism ,rules and procedures of the company  for preventing…

Q: What are the three goals of an internal control system according to the COSO report? Which of…

A:

Q: Authorization and Segregation of duties are the part of __________ a. Internal Control system b.…

A: Internal Control System :  It provides two types of controls within the entity, they are Preventive…

Q: What are the three major phases in the audit team’s evaluation of internal control? How does theuse…

A: Following are the three major phases in the audit team's evaluation of the internal control and the…

Q: Management and auditors are responsible for maintaining effective internal control system. True…

A: Introduction:- Management means:- Management is the process of planning and organizing activities of…

Q: Auditors must consider these five components of COSO internal controls when understanding the client…

A: Segregation of duties is not component of COSO internal controls. however, Segregation of duties is…

Q: From the list of assertions provided, select the relevant assertionts) to each control objective.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1.Explain the importance of internal controls to auditors and management.

A: The formulation of internal controls is done by the management and the testing is done by auditors…