Define internal control. Discuss the fundamental concepts in the definition: process, people, reasonable assurance and objectives.

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Auditing An Introduction to International Standards on Auditing

ISBN: 978-0273768173

3rd edition

Authors: Rick Hayes, Philip Wallage, Hans Gortemaker

See More Books

Question Posted: May 23, 2018 04:31 AM

See More Questions

Define internal control and explain why it is important.
Discuss the fundamental characteristics of organizing, including such concepts as work specialization, chain of command, span of management, and centralization versus decentralization.
The definition of internal control as contained in COSOs Internal ControlIntegrated Frame-work and the professional standards is quite broad and comprehensive. a. Define internal control and its...
Andrew owns a commercial office building that is insured under three property insurance contracts. He has $100,000 of insurance from Company A, $200,000 from Company B, and $200,000 from Company C....
Why are preferred dividends subtracted from the numerator in calculating the return on common equity ratio?
Figure 5-98 shows three nonretriggerable one-shots connected in a timing chain that produces three sequential output pulses. Note the 1 in front of the pulse on each OS symbol to indicate...
What type of merger will achieve this objective? What are the potential problems of this kind of merger from the consumers point of view?
Cooper Billiards manufactures pool tables. Complete the following table to indicate which account increases or decreases as a result of each action. Note: An action may affect more than one account....
On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for $35 per share as a long-term passive investment. Dearden's year ends on December 31. The following information pertains to...
The slotted arm OA rotates about a fixed axis through O. At the instant under consideration, 9 = 30?, ? = 45 deg/s, and ? = 20 deg /s 2 . Determine the forces applied by both arm OA and the sides of...
What are the first two steps in the planning procedures?
Describe the four objectives of internal control.
Although we made a bundle whenever our response was quick as a flash, we cant keep shooting from the hip. Your Task. Revise the above sentence to avoid confusing jargon, slang, clichs, and wordiness.
Write a function that takes as input a non-negative integer in the range 0 to 99 and returns the English word(s) for the number as a string. Multiple words should be separated by a space. If the...
The Event Manager sighed as the festival approached and she had only five crafts vendors who had committed to taking part in the marketplace. She and her assistant were frantic. They had been...
the systematic recording, analysis, and interpretation of costs incurred by a business. Its significance extends beyond mere financial tracking; it plays a pivotal role in aiding management...
1.What is your process for ensuring that all your work is correct? 2.What do you mean by Batch Costing ? 3.Explain the accounting procedure for Batch Costing 4.State the applicability of Job Costing...
The increasing occurrence of freak weather incidents will have both local and global effects. Even in cases where production has been re-localized, freak weather can still greatly impact local...
Use cylindrical coordinates to find the volume of the following solid regions. The region in the first octant bounded by the cylinder r = 1, and the planes z = x and z = 0.
Define deferred revenue. Why is it a liability?
John (a sole proprietor) and Eagle Corporation (a C corporation) each recognize a long-term capital gain of $10,000 and a short-term capital loss of $18,000 on the sale of capital assets. Neither...
A taxpayer sells a warehouse for a recognized gain. Depreciation had been properly claimed on the property, based on the straight-line method over a 39-year recovery period. Will the same amount of...
Osprey Corporation, a closely held corporation, has $100,000 of net active income, $25,000 of portfolio income, and a $120,000 loss from a passive activity. a. How much of the passive loss can Osprey...
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
Prepare the adjusting journal entries and Post the adjusting journal entries to the T-accounts and adjust the trial balance. Dresser paid the interest due on the Bonds Payable on January 1. Dresser...
Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $11.50 per pound. If 3,900 units required 28,400 pounds, which were purchased at $10.92 per pound,...

Define internal control. Discuss the fundamental concepts in the definition: process, people, reasonable assurance and objectives.

Question:

Step by Step Answer:

Internal control is a process affected by an entitys board of directors management and other personnel designed to provide reasonable assurance regard...View the full answer

Principles of Auditing An Introduction to International Standards on Auditing

Students also viewed these Business questions