List the four major categories of general controls, and Identify the objectives of each.
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- Define and describe the five basic components of internal control and specifysome of their characteristics.Identify whether the following is either preventative, detective or directive controls:Describe the four organization objective categories in the internal control framework. How are they related to the ERM components of internal control?
- Describe in detail with relevant examples about the limitations of internal control and Explain about five components of internal controlDescribe three criteria you would use to evaluate whether a management control system is effectiveControls are classified as general as well as application. Discuss, using appropriate examples, any three (3) differences between the two
- Describe the importance of adequate internal controls.Refer to Exhibit 3.2. List the principles representing the fundamental concepts of the control environment component.Distinguish between entity-wide and transaction controls. Which components of internal control are typically entity-wide controls? Which components of internal control are typically transaction controls?
