ACC 315 5-1 Problem Set Question 4 of 10

Accounting Information Systems | 11th Edition   Chapter 7, Problem 3P Following is a list of eight generic control goals from the chapter, followed by eight descriptions of either process failures (i.e., control goals not met) or instances of successful control plans (i.e., plans that helped to achieve control goals). List the numbers 1 through 8 on a solution sheet. Each number represents one of the described situations. Next to each number: Place the capital letter of the control goal that best matches the situation described. Provide a one- or two-sentence explanation of how the situation relates to the control goal you selected. If you select more than one control goal for a situation, provide an explanation for each that you select. Hint: Some letters may be used more than once. Conversely, some letters may not apply at all. Control Goals Ensure effectiveness of operations Ensure efficient employment of resources Ensure security of resources Ensure input validity…

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

Chapter 10   Accounting Information Systems   Short Problem 10-3, page 394: Using the following table as a guide, describe for each function from Figure 10.1: 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.