College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 7A, Problem 1SEA
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Describe the components of internal control framework.
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List at least five control measures per control activity principle (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, and Human Resource Controls) that an organization may implement to establish internal control procedures.
List at least 5 control measures per principle of control activities (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, Human Resource Controls) which an organization may implement to establish internal control procedures.
Based on the information in scenario A: Classify findings (1 – 7) according to the five components of the COSO internal control framework.
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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- What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.arrow_forwardInternal Control Elements Identify each of the following as relating to the control environment, control procedures, or information and communication: 1. Organizational structure 2. Report of company's conformity with environmental laws and regulations 3. Proofs and security measuresarrow_forward10. The basic components of an organization's internal control are: Select one:a. (Accounting) information and communication, risk assessment and monitoring.b. Control environment, risk assessment, control activities and management participationc. Control environment, risk assessment, reporting and control activitiesd. Control environment, risk assessment, control activities. (Accounting) information and Communication and monitoringarrow_forward
- Question: List 3 internal control procedures that are necessary in a large organization?arrow_forwardDecribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control. 1. Mnangement 2. External auditor 3. Internalarrow_forward19 Which one of the following activities is a part of internal control system? a. Internal check b. Other control measures c. Internal audit d. All of the optionsarrow_forward
- 1. Standards requires auditors obtain an understanding of an organization’s control environment. Discuss two techniques that may be used to obtain such understanding. PLease answer this thank you:)arrow_forwardThe Committee of Sponsoring Organizations (COSO) explains the importance of the control environment to internal controls by stating that it sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all aspects of internal control, providing discipline and structure. Explain what is meant by this statement.arrow_forwardfast plz Internal controls are grouped into the following categories: Efficient operations, financial analysis, and compliance Efficient operations, financial analysis, and management reporting. Effective operations, financial reporting, and compliance. Production and operations, financial reporting, and management reportingarrow_forward
- 1. Explain the term internal controls. 2. Explain two (2) major objectives of a system of internal control. 3.Explain briefly SIX (6) major categories of internal control.arrow_forward1. Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present all throughout the various functions and levels in an organization. This is to ensure that policies and procedures are followed in making risk responses and implementing company's directives. A. Control Activities B. Risk Assessment C. Monitoring Activities D. Risk Culturearrow_forwardMatch the following elements of internal control: Question 4 options: information and communication control environment risk assessment monitoring control procedures 1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilitiesarrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License