Kitty works in the payroll division of Ludlow Ltd. She frequently receives complaints from employees that they receive their pay late, and in some cases, do not receive their pay at all. Which control would be MOST likely to address this situation?

Reviews of operating performance.

Segregation of duties.

A good audit trail.

Personal policies and practices.

Kitty works in the payroll division of Ludlow Ltd. When preparing the weekly payroll summary, she found that she is unable to match the total payroll with batch totals of payroll submitted from different departments. In some cases, she is unable to trace certain payments to the original timesheets. Which control would be most likely to address this situation?

Physical protection of assets.

A good audit trail.

Reviews of operating performance.

Segregation of duties.

In which component of the COSO internal control framework would you see a concern with customer acceptance policies (e.g. credit limits)?

Information and communication.

Risk assessment.

Control environment.

Control activities.