EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Textbook Question
Chapter 11, Problem 22.1MCQ
Which of the following correctly describes an internal control component?
- (1) Control activities set the tone of the organization.
- (2) Information and communication systems have to do with management’s analysis of risk.
- (3) Risk assessment relates to assessing the quality of the internal control structure overtime.
- (4) Monitoring relates to ongoing assessment by management to determine whether controls are operating as intended.
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Students have asked these similar questions
Which among the following is not a principle relating to control activities?
a.
Management designs control activities to achieve its objectives.
b.
Management designs its information systems and related control activities to achieve its objectives and respond to risks.
c.
External auditor implements the control activities to achieve its objectives and respond to risks
d.
The agency implements control activities through policies and procedures.
In which element of Internal Control
are personnel policies included:
Control Procedures
Control Environment
O Risk Assessmenet
Information and Communication
O Monitoring
1. What are objectives? What three categories of objectives are set forth in the COSO framework?
2. What does the control environment comprise?
3. What are control activities? What types of control activities are present in a well-designed system of internal controls?
4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities?
5. How does internal auditors' perspective of internal control differ from management's perspective?
6. How does COSO define risk? How does ISO define risk?
7. What are the five COSO ERM components? 8. How does COSO define risk appetite?
9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform?
10. What are COSO's five categories of risk…
Chapter 11 Solutions
EP AUDITING+ASSURANCE...-MYACCT.LAB
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQ
Ch. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - Prob. 20.1MCQCh. 11 - Actions, policies, and procedures that reflect the...Ch. 11 - Prob. 20.3MCQCh. 11 - Prob. 21.1MCQCh. 11 - Prob. 21.2MCQCh. 11 - Prob. 21.3MCQCh. 11 - Which of the following correctly describes an...Ch. 11 - Prob. 22.2MCQCh. 11 - Prob. 22.3MCQCh. 11 - Following are descriptions of ten internal...Ch. 11 - Prob. 24DQPCh. 11 - The following are misstatements that have occurred...Ch. 11 - Prob. 26DQPCh. 11 - Prob. 27DQPCh. 11 - Prob. 28DQPCh. 11 - Prob. 29DQPCh. 11 - Prob. 30DQPCh. 11 - Prob. 32C
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.arrow_forwardHow does inherent risk relate to internal controls? Why is it important to assess inherent risks of material misstatement prior to evaluating the quality of an organization’s internal controls?arrow_forwardWhich one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.arrow_forward
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