Explain each of the seven objectives of internal control.
Question:
Explain each of the seven objectives of internal control.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
The seven objectives of internal control are 1 Real controls are designed to prevent ...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 978-1119566007
3rd Canadian edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
Question Posted:
Students also viewed these Business questions
-
The objectives of internal control include: a. Operations objectives, internal control objectives, and financial reporting objectives. b. Operations objectives, control environment objectives, and...
-
Identify and briefly explain each of the principal objectives that auditors hope to accomplish by preparing audit work-papers. How were these objectives undermined by Deloittes decision to alter...
-
Explain how JIT/Lean impacts each of the seven wastes.
-
Were Napoleon's territorial ambitions significantly different from pre-1799 conquests? If so, where?What were Napoleon's most significant domestic accomplishments in France? Consider the interesting...
-
On March 31, 2016, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty: a. The supplies account balance on March 31 is $5,620. The...
-
In Exercises 7172, use the graph of the polynomial function to solve each inequality. f(x) = 2x + 11x 7x 6 [-7, 3, 1] by [-10, 70, 10]
-
Making high-stakes insurance decisions. The Journal of Economic Psychology (September 2008) published the results of a high-stakes experiment where subjects (university students) were asked how much...
-
On April 1, Holly Dahl established Holiday Travel Agency. The following transactions were completed during the month. 1. Stockholders invested $10,000 cash in the business in exchange for common...
-
EAR You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 12% with interest paid monthly....
-
Consider a binary mixture for which the excess Gibbs energy is given by G E /RT = 2.6x 1 x 2 . For each of the following overall compositions, determine whether one or two liquid phases will be...
-
What is internal control? Why is an auditor interested in a clients internal control?
-
What does ITGCs stand for? Explain their purpose.
-
1. Do further research on business results and employee morale at Yahoo! to develop an opinion on whether the ban on telework has helped the firm. Write a paragraph stating your opinion and providing...
-
Q1. (a) Name the types of reactions that organic compounds undergo (b) Differentiate between (i) electrophile and nucleophile
-
CH4 Br, Ligtht Q2. (a) CH3Br + HBr Propose a mechanism for the reaction; indicating initiation, propagation and termination.
-
Q4. Complete the following reactions by drawing the structure(s) of the product(s) formed.
-
1. Why did the Iconoclast emperors believe that using images in worship was wrong? 2. How are recent examples of iconoclasm similar to those of the early medieval period? 3. Why is iconoclasm a...
-
1. Difference Between Essential and Non-Essential Nutrients 2. what is Conditionally Essential Nutrients? explain with examples
-
The color change of a chemical indicator requires an overtitration of 0.03 mL. Calculate the percent relative error if the total volume of titrant is (a) 50.00 mL. (b) 10.0 mL. (c) 25.0 mL. (d) 30.0...
-
On March 31, 2018, Gardner Corporation received authorization to issue $30,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated...
-
For each of the following statements identify the audit assertion to which it relates: a. All cash transfers are recorded in the correct period. b. All investment gains are recorded in the correct...
-
You are an audit senior performing the audit of Stellas Stars Ltd., a talent agency. In performing the audit, Stella informs you of the following: 1. She does not want you to send the bank a...
-
You have spent two years working as an auditor. In that time, you have come across a number of errors in performing bank reconciliations. Outlined below are some of them: 1. An unreconciled item of...
-
Eye Deal Optometry leased vision - testing equipment from Insight Machines on January 1 , 2 0 2 4 . Insight Machines manufactured the equipment at a cost of $ 2 0 0 , 0 0 0 and lists a cash selling...
-
help! ee all photos + Add to o e D C N X Edit & Create Share Table of Contents No sales to an individual customer accounted for more than 10% of revenue during any of the last three fiscal years. Net...
-
Business law A person may have the liability of a partner even though no partnership exists True False
Study smarter with the SolutionInn App