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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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The internal audit function is part of what element of the internal control system?

a. Control environment

b. Monitoring

c. Risk assessment

d. Control activities

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:

Internal audit function is part of what element of the internal control system.

Explanation

Explanation for correct answers:

Option b) Monitoring: Monitoring control are action preformed at the management level designed to provided that information on the operation is appropriate, reasonable, and accuracy.

Explanation for incorrect answers:

Option a) Control environment: Control environment is the function which is an effective system of internal control is built and operated in an organization that strives to its strategic objective...

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