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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

SERICES A EXERCISES

INTERNAL CONTROL COMPONENTS The most widely accepted internal control framework in the United States contains the following five components. Describe each of them.

1. Control environment

2. Risk assessment

3. Control activities

4. Information and communication system

5. Monitoring processes

To determine

Describe the components of internal control framework.

Explanation

Internal control:

Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

The five components internal control frameworks are as follows:

  • Control environment
  • Risk assessment
  • Control activities
  • Information and communication system
  • Monitoring processes
  • Control environment is one of the components of  internal control framework that helps to control the company from unethical values and dishonesty.  It improves their code of conduct and looks into the involvement of the board of directors and their actions toward the organisation...

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