Answered: system of supervision and control

Business

Accounting

system of supervision and control

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process

Section: Chapter Questions

Problem 2SP

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Question

_____________ is the whole system of supervision and control measures implemented internally by the management of an entity to carry on its business in an orderly, systematic and efficient manner.

Internal check

Interpersonal control

Internal control

None of options

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Management's Assessment of Internal Control

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9. Procedures that can be used in obtaining a sufficient understanding of Internal Control include the combination of any of the following procedures, except; a. Inquiry of the profile and appropriateness of the client's personnel b. Future engagement plan with the client c. Review of the accounting manuals and organizational structure of the client d. Observation of the activities of the client e. Previous experience with the client
25. Who oversees the organization’s system of internal control? Group of answer choices Management Board of Directors Internal Auditors Process Owners None of the choices
19 Which one of the following activities is a part of internal control system? a. Internal check b. Other control measures c. Internal audit d. All of the options
21 Internal Control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives identify which one is not a part of administrative control? a. Self-balancing ledger b. Motion Studies c. Quality control d. Time studies
Question 29 The most important fundamental component of an entity's internal control is: Effectiveness of operations. People who operate and function within the control system. Reliability of financial reporting. Compliance with applicable laws and regulations.
10. The basic components of an organization's internal control are: Select one:a. (Accounting) information and communication, risk assessment and monitoring.b. Control environment, risk assessment, control activities and management participationc. Control environment, risk assessment, reporting and control activitiesd. Control environment, risk assessment, control activities. (Accounting) information and Communication and monitoring
14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
1.What is management's responsibilities for reporting internal control under Section 404 Sarbanes Oxley Act
5. Who is ultimately responsible for every organization’s system of internal control? Group of answer choices Board of Directors Management Internal Auditors None of the choices Process Owners
8. Establishing and maintaining an internal control structure is the responsibility of the: Select one:a. Internal auditor.b. Audit committeec. External auditor.d. Management.
Question 32 An audit team's responsibility would not include: Documentation of understanding of a client's internal controls. Communicating internal control deficiencies to management. Designing client's internal controls. Assessing the effectivenesses of a client's internal controls.
37-Auditor conducts observation process as a part of evaluation of internal control a. To understand why the owner created certain internal controls, and what the controls are for, b. To determine how close business owners and managers are to the company’s frontline operations. c. To understand the mindset of business owners and other managers in the company. d. To focus attention on processes that are responsible for the majority of the company’s business production.