You are appointed as auditor for XYZ systems. During discussions with the management and staff of the client as part of the audit procedures, the audit staff made notes related to internal controls of the entity. You have to use these internal control factor notes to complete the working paper related to internal controls.For this working paper you have to help the staff choose the right components of internal control:

Question 1 - Employees are made aware of policies regarding accepting gifts from suppliers.

Existing control activities

Risk assessment

Control Envoirnment

Monitoring

Question 2 - The company has switched to a new accounting software.

Risk assessment

Control Envoirnment

Existing control activities

Monitoring

Question 3 - Blank checks are always kept in a locked safe.

Existing control activities

Risk assessment

Monitoring

Control Envoirnment

Question 4 - "Audit committee has set up a whistle blower policy on accepting confidential, anonymous concerns relative to financial reporting and internal control matters."

Control Envoirnment

Monitoring

Existing control activities

Risk assessment

Question 5 - There are periodic quality assurance reviews of the internal audit department.

Control Envoirnment

Monitoring

Information and communication

Risk assessment

Question 6 - There is a weekly staff debrief after a supervisor s review of the sample of transactions.

Information and communication

Control Envoirnment

Existing control activities

Monitoring

Question 7 - Employees are encouraged to attend industry conferences and seminars.

Information and communication

Risk assessment

Monitoring

Control Envoirnment

Question 8 - Management considers the risk of unrecorded revenue transactions.

Monitoring

Existing control activities

Risk assessment

Control Envoirnment

Question 9 - Human resource policy makes reference checks to be compulsorily done for each candidate above manager level before offering employment.

Risk assessment

Monitoring

Control Envoirnment

Existing control activities

Question 10 - "Job content questionnaires are completed for each employee, which includes specific references of job related responsibilities."

Risk assessment

Monitoring

Existing control activities

Control Envoirnment