Answered: describes the five components of an…

describes the five components of an entity’s internal control system. Critically explain the relationship between the FIVE components of an entity’s internal control system.

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process

Section: Chapter Questions

Problem 14RQ

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2) a) ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment describes the five components of an entity’s internal control system.
Critically explain the relationship between the FIVE components of an entity’s internal control system.

Processes and procedures involved in achieving the organizational goals and objectives for the daily operations of a company. Control systems involve all the operational control systems, their implementation, and strategic control processes.

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