College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
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
Match the procedures and processes with the components by placing the letter of the appropriate component on the blank provided.
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
- Monitoring
- Control environment is one of the components of internal control framework that helps to control the company from unethical values and dishonesty. Â 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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