What are the five components of internal control in the COSO internal control framework? Provide an example

Question:

What are the five components of internal control in the COSO internal control framework? Provide an example of a control for each component.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing The Art and Science of Assurance Engagements

ISBN: 978-0133405507

13th Canadian edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones

See More Books

Question Posted: Dec 22, 2016 09:48 AM

See More Questions

What are the COSO components of internal control?
What are the five components of internal control? Briefly explain each component.
What are the five components of managements internal control?
Demand-pull inflation occurs because the government prints more (more/less) money in the economy. Consumers then Demand more equilibrium quantity (Q*) of each good increase (increase/decrease)...
MiniTek manufactures private-label small electronic products, such as alarm clocks, calculators, kitchen timers, stopwatches, and automatic pencil sharpeners. Some of the products are sold as sets,...
A complaint was filed with the U.S. Commerce Departments ITA by U.S. telephone manufacturers AT&T, Comidial Corp., and Eagle Telephones, Inc., alleging that 12 Asian manufacturers of small business...
In contract costing payment of cash to the contractor is made on the basis of certified work.
John experienced great success with his first food truck, Tasty Taco Treats. The menu features extraordinary tacos, not the ground beef ones you are so familiar with. The business has won many awards...
EX 8-2 Nature of uncollectible accounts Obj. 2 MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM...
Show that (p q) and p q are logically equivalent.
In Parts I and II of this case, you performed preliminary analytical procedures and assessed acceptable audit risk and inherent risk for Pinnacle Manufacturing. Your team has been assigned the...
The 2014 survey of the International Forum of Independent Audit Regulators found that internal control testing is consistently an area where audit work is deficient. Canada is no exception. Access...
Repeat Problem 26 using MSP (omit calculation of CPI and SPI).
Lazlo s estimates uncollectible accounts to be 0 . 9 % of sales. Its year - end unadjusted trial balance shows Accounts Receivable of $ 1 1 2 , 5 0 0 and sales of $ 9 6 5 , 0 0 0 . If Lazlo s uses...
Identify one or two of the best and one or two of the worst work teams on which you served as a member. 1. Identify the top three to five factors that made the team the best or the worst in terms of...
ColorCoder is a HousePaint Shop which supplies currently two types of house paints, namely, alpha and beta house paints. The shop is planning to sell a primer (paint base) and the needed paint...
which department adds value to a product or service that is observable by a customer?
Using Figure 14.1, answer the following questions: a. What was the settle price for July 2022 coffee futures on this date? What is the total dollar value of this contract at the close of trading for...
An issuer credit rating usually applies to a companys: A. Secured debt. B. Subordinated debt. C. Senior unsecured debt.
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
On what does the auditor comment in his or her report on financial forecasts? On what does the auditor disclaim an opinion and why?
Joseph, a public accountant, has been keeping the books for his fathers business, JoPar Tech Ltd., in the evenings, while working with other clients during the day. Yesterday, Josephs father proudly...
You are doing a review engagement and the related tax work for Regency Tools, Inc., a tool and die company with $2,000,000 in sales. Inventory is recorded at $125,000. Prior-year unaudited...
Jenny wanted to donate to her alma mater to set up a fund for student scholarships. If she would like to fund an annual scholarship in the amount of $6,000 and her donation can earn 5% interest per...
You would like to have a balance of $600,000 at the end of 15 years from monthly savings of $900. If your returns are compounded monthly, what is the APR you need to meet your goal?
Explain the importance of covariance and correlation between assets and understanding the expected value, variance, and standard deviation of a random variable and of returns on a portfolio.

What are the five components of internal control in the COSO internal control framework? Provide an example

Question:

Step by Step Answer:

T he COSO Internal Control Integrated Framework consists of th...View the full answer

Auditing The Art and Science of Assurance Engagements

Students also viewed these Auditing questions