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INTERNAL CONTROL PROCEDURES AND PROCESSES In the left column below, five different internal control procedures and processes are described. In the right column, the five components of internal control are listed. Match the procedures and processes with the components by placing the letter of the appropriate component on the blank provided. 1. _____ A company publishes and uses a code of ethical conduct. 2. _____ The accounting system automatically generates monthly sales reports for each product line. 3. _____ A company has established an internal audit department. 4. _____ All purchases above $5,000 must be approved in writing by the head of the purchasing department. 5. _____ A company invests heavily in employee training programs because of the technical nature of its products. a. Control environment b. Risk assessment c. Control activities d. Information and communication system e. Monitoring processes

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 7A, Problem 2SEA
Textbook Problem

INTERNAL CONTROL PROCEDURES AND PROCESSES In the left column below, five different internal control procedures and processes are described. In the right column, the five components of internal control are listed. Match the procedures and processes with the components by placing the letter of the appropriate component on the blank provided.

1. _____ A company publishes and uses a code of ethical conduct.

2. _____ The accounting system automatically generates monthly sales reports for each product line.

3. _____ A company has established an internal audit department.

4. _____ All purchases above $5,000 must be approved in writing by the head of the purchasing department.

5. _____ A company invests heavily in employee training programs because of the technical nature of its products.

a. Control environment

b. Risk assessment

c. Control activities

d. Information and communication system

e. Monitoring processes

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