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- Allowing only certain employees to order goods and services for the company is an example of what internal control procedure? a.Proper authorization b.Independent verification c.Segregation of duties d.Safeguarding of assets and recordsA cashier who also acts as a bookkeeper violates the principle of Group of answer choices electronic controls competent personnel separation of duties assignment of responsibilitiesProper segregation of duties reduces opportunities to allow any employee to be in a position to both: A. journalize cash receipts and disbursements and prepare the financial statements. B. Monitor internal controls and evaluate whether the controls are operating as intended. C. Adopt new accounting pronouncements and authorize the recording of transactions. D. Record and conceal fraudulent transactions in the normal course of assigned tasks.
- Is the following a potential control weakness? In employing new staff, while Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks. Briefly explain the potential mistatement and recommended correction.Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (i)To facilitate working from home, an employee installed a modem on his office workstation. An attacker successfully penetrated the company’s system by dialing into that modem.Requiring that an employee with no access to cash do the accounting is an example ofwhich characteristic of internal control?a. Separation of dutiesb. Assignment of responsibilityc. Competent and reliable personneld. Monitoring of controls
- Having a corporate code of ethics that prohibits employees from accepting gifts from customers or vendors is an example of which component of internal control?a. Control environmentb. Risk assessmentc. Control proceduresd. Information systemListed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure IC Good or Weak? Related Internal Control Principle 1. Employees are required to take vacations. Select a weakness in internal control GoodWeak Select a control principle that is violated Human Resource ControlsIndependent Internal VerificationEstablishment of ResponsibilityPhysical ControlsSegregation of DutiesDocumentation Procedures 2. Any member of the sales department can approve credit sales. Select a weakness in internal control WeakGood Select a control principle that is violated Segregation of DutiesDocumentation ProceduresEstablishment…Listed below are five procedures followed by Gilmore Company.Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure IC Good or Weak? Related Internal Control Principle 1. Employees are required to take vacations. Select a weakness in internal control GoodWeak Select a control principle that is violated Independent Internal VerificationSegregation of DutiesEstablishment of ResponsibilityPhysical ControlsHuman Resource ControlsDocumentation Procedures 2. Any member of the sales department can approve credit sales. Select a weakness in internal control…
- Andy is a junior accounts clerk. Andy has the responsibility of keying transactions into the accounting information system. Andy also has the authorization and sanctions to post those journal entries into the ledger. Identify the risk(s) in the situation and assess what and how controls can be deployed to this situation.What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? g. Use of a fingerprint scanner in order for employees to record the time they started and the time they quit working each day.Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (a) An employee’s laptop was stolen at the airport. The laptop contained personally identifying information about the company’s customers that could potentially be used to commit identity theft.