The definition of internal control as contained in COSO's Internal Control-Integrated Framework and the professional standards is quite broad and comprehensive. Required: a. Define internal control and its purpose. b. Explain the major concepts that are included in the definition of internal control. c. List the five components of internal control. d. Identify the major limitations of internal control. Robert Tailor, CPA, is planning the audit of The Neighborhood Store, a local grocery cooperative. Because The Neighborhood Store is a small business operated entirely by part-time volunteer personnel, internal control is weak. Tailor has decided that he will assess control risk at the highest level for all assertions and not restrict audit procedures in any area. Under these circumstances, may Tailor omit the consideration of internal control in this engagement? Explain. Wk 5 - Apply: Internal Control Assignment [due Day... Saved This question will be sent to your instructor for grading. Help Save & E 3 Management is responsible for establishing effective internal control for its organization, including measures to prevent, deter, and detect fraud. Appendix 7A describes antifraud programs and measures. Required: a. What are the three major categories of antifraud measures and the measures that should be established under each category? 25 points References b. Under the measure of "create a positive workplace environment," provide (1) Two examples of antifraud controls. (2) Two examples of factors that detract from a positive workplace environment. 4 Discuss how generalized audit software can be used to aid the auditors in examining accounts receivable in an IT-based system. 25 points References