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E8-16 Understanding internal control, components, procedures, and laws Match the following terms with their definitions. a. Two or more people working together to overcome b. Part of internal control that ensures resources are not 1. Internal control internal controls. 2. Control procedures 3. Firewalls wasted. c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. 4. Encryption 5. Environment 6. Information system d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties 8. Collusion e. Limits access to a local network. 9. Documents f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services, or operations. h. Examination of a company's financial statements and accounting system by a trained accounting professional. i. Without a sufficient one of these, information cannot properly be gathered and summarized. j. The organizational plan and all the related measures that safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act

E8-16 Understanding internal control, components, procedures, and laws Match the following terms with their definitions. a. Two or more people working together to overcome b. Part of internal control that ensures resources are not 1. Internal control internal controls. 2. Control procedures 3. Firewalls wasted. c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. 4. Encryption 5. Environment 6. Information system d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties 8. Collusion e. Limits access to a local network. 9. Documents f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services, or operations. h. Examination of a company's financial statements and accounting system by a trained accounting professional. i. Without a sufficient one of these, information cannot properly be gathered and summarized. j. The organizational plan and all the related measures that safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 28CYBK
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E8-16 Understanding internal control, components, procedures, and laws c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their b. Part of internal control that ensures resources are not tives 1, 2, 3 Match the following terms with their definitions. a. Two or more people working together to overcon 1. Internal control internal controls. 2. Control procedures 3. Firewalls wasted. 4. Encryption 5. Environment 6. Information system financial reports. d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties 8. Collusion e. Limits access to a local network. f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services, or operations. h. Examination of a company's financial statements and accounting system by a trained accounting professional. i. Without a sufficient one of these, information cannot properly be gathered and summarized. j. The organizational plan and all the related measures that safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. 9. Documents 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act
Transcribed Image Text:E8-16 Understanding internal control, components, procedures, and laws c. Requires companies to review internal control and take responsibility for the accuracy and completeness of their b. Part of internal control that ensures resources are not tives 1, 2, 3 Match the following terms with their definitions. a. Two or more people working together to overcon 1. Internal control internal controls. 2. Control procedures 3. Firewalls wasted. 4. Encryption 5. Environment 6. Information system financial reports. d. Should be prenumbered to prevent theft and inefficiency. 7. Separation of duties 8. Collusion e. Limits access to a local network. f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. g. Identification of uncertainties that may arise due to a company's products, services, or operations. h. Examination of a company's financial statements and accounting system by a trained accounting professional. i. Without a sufficient one of these, information cannot properly be gathered and summarized. j. The organizational plan and all the related measures that safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting data. k. Component of internal control that helps ensure business goals are achieved. I. Rearranges data by a mathematical process. m. To establish an effective one, a company's CEO and top managers must behave honorably to set a good example for employees. 9. Documents 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act
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