5 Question 4 - Internal Control 1. The following are internal controls related to various cycles: (1) Cheques are signed by the company president, who compares the cheques with the underlying supporting documents. (ii) Sales invoices are matched with shipping documents by the computer system and an exception report is generated. (ii)Receiving reports are pre-numbered and accounted for daily. (iv) The accounts receivable master file is reconciled each month to the general ledger. (v) Sales invoices are independently verified before being sent to customers. Required a. For each internal control, identify the specific type of control activity to which it applies. (5 marks) b. For each internal control, identify ONE ISA transaction related assertion to which it applies. (5 marks) Note - Set up your answer to parts (a) and (b) as a table with one column labelled "Control Activity", and the other column "Assertion". 2. Describe the two types of security controls in an IT environment. (2 marks)