ACC-315 Problem Set 6 Question 4

Using the following table as a guide, describe for each function   A risk (an event or action that will cause the organization to fail to meet its goals/objectives).   A control/process or use of technology that will address the risk.   Function   Risks   Controls and Technology   Logistics           Purchasing   Receiving   Inventory (Debit ??? (Credit) SP 12-3 The following is a list of six control plans from this chapter or from Chapters 9, 10, and 11. This is followed be a list of five statements describing either the achievement of a control goal (i.e., a system success) or a system deficiency (i.e., a system failure). Match the five control goals or systems deficiencies with a control plan that would best achieve the desired goal or prevent the system deficiency. Each letter may be used only once, with one letter left over.   Control Plans   File completed and signed receiving report in receiving:   Select vendors who can provide goods with appropriate quality   Approve purchase…

Answer multi choice question in photo please

Controls and Processes Review the article entitled, "Who's in Control of the Ark? A Study of Internal Controls in Operating and Auditing A Small Preschool." Explain two internal controls the school is implementing well, two internal controls the school could improve on, and two internal controls that could open the door to fraud. Make sure all internal controls are from the accounting information system (AIS) framework. Be sure to respond to at least one of your classmates' posts.

Understanding internal control, components, procedures, and laws Match the following terms with their definitions.

3. Risk registers would normally detail which of the following: (Select all that apply.) A. Risk level before controls are implemented B. Risk lével after controls are implemented C. Responsibility for managing risks D. The total cost of a control being implemented Answer: Page 3 of 11 ted States) E Focus МacВook Pro

fill all requirements please?

As the user company's external auditor, which SOC report will you require your client to obtain? Multiple Choice SOC1 Type 2 report. SOC 2 Type 1 report. SOC 3 Type 2 report. SOC 2 Type 2 report.

Consider each situation separately Identify the missing internal control procedure from these characteristics •Assignment of responsibilities •Separation of duties •Audits Electronic devices ⚫ Other controls (specify) (Click the icon to view the situations.) (Leave the "Reason for "Other" control column blank if "Other controls" is not selected for the "Internal Control Procedure" co a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold c. The same trusted employee has served as cashier for 12 years d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees…

Which of the following is a component of general controls?      a.   processing controls      b.   output controls      c.   back-up and contingency planning      d.   input controls Required:     choose the correct answer and Justify your answers in at least 6 sentences.

Match the following elements of internal control:   Question 4 options:   information and communication   control environment   risk assessment   monitoring   control procedures   1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilities

Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an event or action that will cause the organization to fail to meet its goals/objectives). A control/process or use of technology that will address the risk. Function Risks Controls and Technology Marketing     Finance     Billing       AR (debit)         Sales (credit)     Collections       Cash (debit)         AR (credit)

ket system My Dispense Academic Calendar Clear my choice My courses (7) Essay Question: (LO# 2) One of the Components of Internal Control is the control activities; which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives. What are the most important control activities (Explain of each of these control activities)? Paragraph B Path: p Which of the following is not a likely source of information to assess fraud risks? く & 8 A 6 7 7 V 1O て (E 3. Y を IT K J H. G J く N !MS

Show all workings and provide descriptions of how all answers were derived.

Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify) a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment. b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights. To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold. c. The same trusted employee has served as a cashier for 12 years. d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend delivering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on…

Share your internal control example. What is an internal control you have witnessed? Maybe at work, as a customer, etc.