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
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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
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- You're making an internal control system. Which of the following do you think is most important: Why? Make sure that all of the dimensions of the controlling categorization cube are taken into account (intention, implementation, level).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.Control is an important function to all other managerial functions, support the statement with the help of three examples.
- Consider how discrepancies between the design and the implementation of internal controls may occur within any given company.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.Organizational procedures allow employees to anticipate problems. This type of control is known as :- a. Feedback control. b. Strategic control. c. Feed-forward control. d. Performance appraisal.
- 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.Consider the brief description of the zero time organization. What is an example of a control system that would be critical to managing for success in the zero time organization? Why?Internal control being one of the major determinants of an organization’s success requires the attention of every individual in an organization. A good internal control system will provide organizations with a high degree of confidence that their operations are efficiently managed. There are advantages and disadvantages/limitations to be gained from effectively designed and implemented internal control. 1.1 You are required to discuss five advantages and five disadvantages/limitations of internal controls.
- Which of the following statements about “control” is true? a. Value of control should be greater for a well-managed firm than for a poorly managed one. b. Empirical evidence suggests that underperforming firms are less likely to become hostile takeover targets than over-achieving firms. c. Value of control increases with the management skills of the acquirer. d. Warren Buffet suggests that it is wise for an investor to bet on the jockey rather than the horse.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 responsibilityHOWCAN MISSING GUARANTED DEADLINES, LATE DELIVERY OF GOODS AND INCREASE IN MOTOR VEHICLE GAS BILL THAT IS IDENTIFIABLE AS A CONTROL PROBLEM CAN BE RESOLVE IN AN ORGANIZATION. WHAT IMPACT DOES THE ABOVE HAS ON THE ORGANIZATION