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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following is not one of the five components of internal control?

a. Analysis of control procedures

b. Information and communication

c. Risk assessment

d. Control environment

To determine

Introduction: Internal control as defined in accounting and auditing is a process for process of an organization objective in operational effectiveness and efficiency, reliable financial reporting and compliance laws, regulation and business policy.

To choose:

Find the component which is not in internal control system.

Explanation

Explanation for correct answers:

(a)Internal control system works for the risk assessment of the management and also control the environment.

Explanation for incorrect answers:

(b) Information and communication: Internal control system check the quality of information and also effective of communication...

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