What are the three rules that ensure that no single employee or department processes a transaction in its entirety?

Q: Identify the other control procedures usually found in a company’s system of internal controlbesides…

A: Internal control are the policies and procedures implemented in an organisation to ensure that the…

Q: Ensuring that all material transactions processed by the information system are valid and in…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: What is management's responsibilities for reporting internal control under Section 404 Sarbanes…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: understanding of the entity’s internal control

A: The understanding of internal control is necessary to rule out the possibility of material…

Q: When does an agency relationship happen

A: Agent Relationship : The official stipulations of a specific principal-agent relationship are…

Q: 2.What is auditor's responsibilities for reporting internal control under Section 404 Sarbanes Oxley…

A: Auditor:- An auditor may be an individual or group of individuals who verifies the books of accounts…

Q: What is the difference between operating departments and service departments?

A: There are so many multinational corporations that manage difficult industries. Managing such…

Q: Why should responsibility for related transactions be divided among different departments or…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: When a company converts from one accounting information system to the other, many areas within the…

A: In order to survive in the competitive environment for a longer time period, the business entities…

Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…

A: a) Segregation of duties refers to the delegation of various duties to different employees to…

Q: What are the FOUR broad objectives of an Internal Control for an organisation.What are the FOUR…

A: Here is the Answer:

Q: The five aspects of internal control are identified and described in (a). (b) Is there a single…

A: Here is the answer :

Q: Why should accountability for similar transactions be spread across many departments or individuals?

A: This question deals with accountability for similar transactions be spread across many departments…

Q: Which of the following most accurately describes the process of walkthroughs? 1. Inspection of…

A: Auditing involves independent examination of the financial records of an entity with a view to…

Q: List the major elements that contribute to perceptions of justice and how to apply these in…

A: An organization is a one- or more-person body with a specific goal, such as a firm, an institution,…

Q: The internal control of an organization is made up of O control of the environment. O all of these.…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal control system: Internal control system is a set of policies, procedures established to…

Q: What three documents must accompany the payment of an invoice? Discuss where these three documents…

A: The three documents which must accompany the payment of an invoice are  Purchase Requisition…

Q: What are the primary reasons for separating operational tasks?

A: Operational Tasks: Operational tasks refer to those tasks that are performed on a regular basis in…

Q: Give three examples that illustrate how cardinality reflects an organization’s underlying business…

A: The extent or degree of relationship between two or more items is shown by cardinality. 1 to 1, many…

Q: All of the following are objectives of internal control excepta. to ensure accurate and reliable…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Match each of the following control activities with its definition. Control Activities…

A: Given below control activities are matched with the definition:

Q: Each of the following represents an internal control procedure except for:a. separation of duties.b.…

A:

Q: Which of the following items is an example of an inherent limitation in an intrnal control system?…

A: Internal control defined as the process designed,implemented and maintained by management,those…

Q: An internal control system consists of all policies and procedures used to protect assets, ensure…

A: Controls are the rules, procedures, and activities which are implemented within an organization for…

Q: Why should the responsibility for maintaining the accounting records be separated from the…

A: It has generally been seen that in large organizations, the responsibility for operating the…

Q: With regard to segregation of duties, rule one is that transaction authorization and transaction…

A: Answer: One of most important part of internal control is segregation of duties. It includes that…

Q: Which of the following would assist an entity in cat and prevent fraud? a. Accounting…

A: Fraud:- When one person intentionally conducts some activities which are against the rules and…

Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act?

A: As per Section 404 – Sarbanes-Oxley Act, It is compulsory and mandatory for all the public trading…

Q: Question 1 According to the Committee of Sponsoring Organizations (COSO), the proper segregation of…

A: Combining the task of payment preparation and circulation to the employees means that all parts of…

Q: Authorization and Segregation of duties are the part of __________ a. Internal Control system b.…

A: Internal Control System :  It provides two types of controls within the entity, they are Preventive…

Q: Explain the primary functions of internal controls procedures in the accounting area. What is meant…

A: Internal control: The internal control refers to the plan of a company. Implementation of effective…

Q: What kinds of functional responsibilities should be performed by different departments or personsin…

A: Internal Control System: Internal controls system establishes the control within an organization to…

Q: How can agency problems be resolved.

A: A principal is one who hires an agent to perform some of his duties. Hence, it is the responsibility…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.