Give an explanation about this statement: Why does control or internal control fails?

Q: Give an example of a corrective control.

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

Q: 1. Describe in detail the main internal control weakness in this situation. Specify what negative…

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Q: Which of the following is NOT a control implication of distributed data processing? a. redundancy b.…

A: Distributed data processing is a computer network system in which different computers across the…

Q: You have a client where you are not required to test their controls. However you may choose to do…

A: We perform the test of controls to evaluate whether the controls are working effectively for two…

Q: What is management fraud?

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: "hich of the following is not a principle ôf internal Control?

A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…

Q: explain the importance of internal control procedures.

A: Internal control: Whatever be kind of control, whether economic or related to the management or any…

Q: what is control risk

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Q: Why is human behavior considered one of the biggest potential threats to operating system integrity?

A: Operating system: The system which provides the basic functioning of a device by interconnecting the…

Q: Which of the following i not an element of internal control?A. Control environmentB. MonitoringC.…

A: Internal control can be defined as the process of persuading the objectives of the organization such…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: In your own words, why do we need control plans?

A: Control plan is a document that states the measures to maintain the quality of the products. It…

Q: Which of the following is not true concerning control activities? a.Control procedures is another…

A: Control activities relate to those activities designed to reduce the chances of risk and failure…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

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: What is the risk of assessing Control Risk too low?

A: Definition:   Tests of controls: Tests of controls form the part of audit procedures to be…

Q: What is a Control Deficiency?

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Q: reporting of control procedures required

A: There are few reasons why control measures are required in reporting. Some of them are as below.

Q: What is meant by a “top-down” approach to evaluation of internal controls?

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Q: Describe some limitations of internal conrol systems. Why do limititations on internal control…

A: Please find the answer to the above questions below:

Q: Disruptions to operations are a common side effect of implementing an ERP. Explain the primary…

A: ERP: Enterprise resource planning is management software that helps in integrating all the…

Q: What are the limitations on Control Activities?

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

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

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Q: If detective controls signal error flags, why shouldn’t these types of controls automatically make a…

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Q: internal control strength or weakness

A: Weakness defines the control needs to improved in that area to minimise the risk. Strength defines…

Q: If detective controls signal error flags, why shouldn’t this type of controls automatically make a…

A: Definition:   Internal control: Internal control involves the norms and rules which are followed…

Q: What is internal control?

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Q: When an ERP implementation fails, who is to blame? Is it the software manufacturer, the client firm,…

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Q: What are internal controls?

A: Internal Control: Internal control refers to the plan of a company. Implementation of an effective…

Q: What is a management control system?

A: Management control system:

Q: What is a control account?

A: Control account: It is a particular account that is recorded in the general ledger in a summarized…

Q: The quality of the environment in which internal control operates has a pervasive effect on many…

A: Concept Pervasive effect               Pervasive effect means that the effect is spread to most of…

Q: Explain with an example why any computer-based application control cannot function on its own and…

A: Controls are put in place in order to check, detect and control the given situation and to record…

Q: What is the risk of assessing Control Risk too high?

A: Control risk refers to the probability of financial statements that were considered wrongly stated…

Q: the system in risk analysis and internal control

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Q: What is a run-to-run control?

A: During computer processing, processing controls keep an eye on the quality of accounting results.…

Q: Which of the following is NOT an example of a significant deficiency in internal control?

A: Statement 2,3 and 4 are examples of significant deficiency in internal control as they are…

Q: What are some limitations of internal controls?

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