State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Question

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Answer 1

Question

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

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Answer 2

Question

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

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Answer 3

Question

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

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Answer 4

Question

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

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Answer 5

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

Answer 6

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.

Answer 7

Chapter 5, Problem 1RC

To determine

State the three goals of the internal control system as per the COSO report and name the most important goal to the auditor.

Answer 8

Expert Solution & Answer

Explanation of Solution

Internal Control System: Internal controls system establishes the control within an organization to check errors and frauds in the system. Establishment and maintenance of controls are essential for reliable and effective operations.

The three goals of internal control system are as follows:

To achieve effectiveness and efficiency in the actions.
Reliable financial reporting.
Compliance with the laws of organization

Among the three goals of internal control system, the most important goal for the auditor is reliable financial reporting as they reflect the accurate status of the company.