ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 14, Problem 14.4Q
To determine
Introduction: Foreign corrupt practices act of 1977was passed to curb corruption practices in U.S based companies. The FCPA has two major sections: Part I prohibits foreign bribes and Part II requires publicly held companies to maintain an adequate system of internal control and accurate records.
The law requires companies maintain accurate accounting records and an adequate system of internal control. What is adequate system of internal control.
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Which of the following is NOT one of the purposes of internal control?
a.
to guarantee the success of the business
b.
to safeguard the entity’s assets and resources
c.
to deter errors, fraud, and theft
d.
to ensure the accuracy and completeness of the accounting data
Internal controls are crucial to ensuring that financial transactions are authorized and company records are maintained properly. Please explain some of the internal control procedures that accounting departments utilize to achieve the aforementioned goals. How do these internal controls help accounting departments achieve their objectives?
what is the link between compliance with standards and the value of the firm's accounting and financial disclosure?
Chapter 14 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 14 - Prob. 14.1QCh. 14 - Prob. 14.2QCh. 14 - Prob. 14.3QCh. 14 - Prob. 14.4QCh. 14 - Prob. 14.5QCh. 14 - Prob. 14.6QCh. 14 - Prob. 14.7QCh. 14 - Prob. 14.8QCh. 14 - Prob. 14.9QCh. 14 - Prob. 14.10Q
Ch. 14 - What type of items that specially involve the...Ch. 14 - Prob. 14.12QCh. 14 - Prob. 14.13QCh. 14 - What types of information must be disclosed in the...Ch. 14 - Prob. 14.15QCh. 14 - Prob. 14.1CCh. 14 - Prob. 14.7CCh. 14 - Prob. 14.8CCh. 14 - Prob. 14.1.1ECh. 14 - Prob. 14.1.2ECh. 14 - Organization Structure and Regulatory Authority of...Ch. 14 - Prob. 14.1.4ECh. 14 - Prob. 14.1.5ECh. 14 - Prob. 14.1.6ECh. 14 - Prob. 14.2.1ECh. 14 - Prob. 14.2.2ECh. 14 - Prob. 14.2.3ECh. 14 - Prob. 14.3.1ECh. 14 - Prob. 14.3.2ECh. 14 - Prob. 14.3.3ECh. 14 - Prob. 14.3.4ECh. 14 - Prob. 14.3.5ECh. 14 - Prob. 14.3.6ECh. 14 - Prob. 14.3.7ECh. 14 - Prob. 14.4.1ECh. 14 - Prob. 14.4.2ECh. 14 - Prob. 14.4.3ECh. 14 - Prob. 14.4.4ECh. 14 - Prob. 14.6.1ECh. 14 - Prob. 14.6.2ECh. 14 - Prob. 14.6.3ECh. 14 - Prob. 14.6.4ECh. 14 - Prob. 14.6.5ECh. 14 - Prob. 14.6.6E
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Similar questions
- Which of the following is not considered to be part of the internal control structure of a company? A. Ensure that assets are kept secure. B. Monitor operations of the organization to ensure maximum efficiency. C. Publish accurate financial statements on a regular basis. D. Ensure assets are properly used.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_forwardWhich of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.arrow_forward
- Which of the following benefits of an effective accounting information system provides safeguards for a business’s assets and reduces the likelihood of fraud and errors? Flexibility Relevance Control Compatibilityarrow_forwardHow does an audit enhance the quality of financial statements and management’s reports on internal control? Does an audit guarantee a fair presentation of a company’s financial statements?arrow_forwardWhich of the following is not considered to be part of the internal control structure of a company? O Ensure that assets are kept secure. O Monitor operations of the organization to ensure maximum efficiency. O Publish accurate financial statements on a regular basis. O Ensure assets are properly used.arrow_forward
- Why do we need internal, external and government auditor in a company?arrow_forwardInternal control consists of the plan of organization and all of the related methods and measures adopted within a business to (a) safeguard its assets, and (b) enhance the accuracy and reliability of its accounting records. True O Falsearrow_forwardDiscuss the importance of internal controls in accounting and provide examples of effective control measures.arrow_forward
- Internal control system comprises the company's policies, practices and procedures which are employed in order to: safeguard its assets, ensure the accuracy and reliability of accounting records and information, promote efficiency in its operations, measure management's compliance with prescribed policies and procedures and ensure the issuance of an unqualified opinion on its financial statements by its external auditors. true or false?arrow_forwardWhich of the following is not considered to be part of the internal control structure of a company?A. Ensure that assets are kept secure.B. Monitor operations of the organization to ensure maximum efficiency.C. Publish accurate financial statements on a regular basis.D. Ensure assets are properly used.arrow_forward
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