1. List the principles representing the fundamental concepts of the monitoring component.

LO 2. Companies can gain efficiencies by implementing effective ongoing monitoring of their internal control processes. Identify the important ongoing monitoring procedures that an organization might use in assessing its controls over revenue recognition in each of the following situations:

a. A convenience store such as 7-Eleven.

b. A chain restaurant such as Olive Garden.

c. A manufacturing division of a larger company that makes rubberized containers for the consumer market.

3. What are management's responsibilities related to internal control over financial reporting?