Question
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) do
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following:
a. Describe the control in detail (including the setting).
b. What was the control trying to achieve (ie. prevent/safeguard)?
c. What specific general ledger account could the control be linked to?
d. What assertion could the control have been addressing (ie. safeguarding)?
e. How could an auditor test the control?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started