College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 7A, Problem 1SEB
To determine
Describe the four types of internal control activities.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
10. 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 monitoring
Based on the information in scenario A: Classify findings (1 – 7) according to the five components of the COSO internal control framework.
Internal 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 measures
Chapter 7A Solutions
College Accounting, Chapters 1-27
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Refer to Exhibit 3.10 and Exhibit 3.11. Describe management’s process for evaluating internal control over financial reporting. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment.arrow_forwardList 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.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_forward
- Authorization and Segregation of duties are the part of __________ a. Internal Control system b. Internal check system c. Internal audit system d. Internal Accountingarrow_forwardThe most important fundamental component of an entity’s internal control isa. Effectiveness and efficiency of operations.b. People who operate the control system.c. Reliability of financial reporting.d. Compliance with applicable laws and regulations.arrow_forwardList 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.arrow_forward
- {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives identify which one is not a part of administrative control? a. Quality control b. Time studies c. Motion Studies d. Self-balancing ledgerarrow_forward9. Procedures that can be used in obtaining a sufficient understanding of Internal Control include the combination of any of the following procedures, except; a. Inquiry of the profile and appropriateness of the client's personnel b. Future engagement plan with the client c. Review of the accounting manuals and organizational structure of the client d. Observation of the activities of the client e. Previous experience with the clientarrow_forwardQuestion: List 3 internal control procedures that are necessary in a large organization?arrow_forward
- Each of the following represents an internal control procedure except for:a. separation of duties.b. limited access to both assets and records.c. compliance monitoring.d. clear lines of authority and communication.arrow_forwardWritten Policies and Procedures as a part of internal control system serves all of the following objectives, except a. Provide a source of continuity and a basis for uniformity. b. Serve as reference material for future c. Helps discrepancies to be resolved immediately d. Provide a training tool for new employeesarrow_forward1.What is management's responsibilities for reporting internal control under Section 404 Sarbanes Oxley Actarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License