Employee Supervisor Payroll Clerk Cash Disbursements Vendor Time Рayroll Summary Time Invoice Invoice Time Card Card Card Calculate Payroll, Prepare Payroll Summary, and Update Payroll Record Аpprove Approve Payroll Summary and Prepare Paychecks. Determine Due Dates for Vendor Payments from Invoice and Update AP. On Due Date and Sign Time Card Write Vendor Checks. Payroll Records Payroll Summary Cash Disb Journal Check Accounts Payable Check Review and Distribute Check Invoice Check Check Check Соpy Check Соpy B Bank General Ledger Check Check Check Check Copy Update Cash Account Update General Ledger Copy General Cash Accounts General Ledger Accounts Invoice Bank Processes Payroll and Vendor Checks

Q: Describe the importance of adequate internal controls.

A: Definition:   Internal control: Internal control is a process that ensures continuous reliability fo…

Q: In the consideration of internal control, the operating effectiveness of controls is tested by:…

A: internal controls -    internal controls are the policies and procedures laid down by the management…

Q: Look at the definition of “internal control” For each internal control objective, what does it cover…

A: Introduction: Internal control refers to the controlling mechanism and efficiency measurement…

Q: Place the auditor's activities to assess control risk in the proper order: Group of answer choices…

A: Control risk refers to misstatement in financial statements that occur due to error and fraud and…

Q: Using the following table as a guide, describe for each function   A risk (an event or action that…

A: For each function, we can identify a risk and a control that can address the risk. For example, in…

Q: Explain implementation and maintenance of adequate internal controls.

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: This method of documenting understanding of internal control structure is advantageous because it…

A: This method of documenting understanding of internal control structure is advantageous because it…

Q: Which of the following is not a common procedure for assessing operating effectiveness of preventive…

A: Preventive controls is a measure of safeguards implemented by an organisation to proactively…

Q: What category of control procedures best describes a reconciliation account, such as Accounts…

A: Internal Controls:   It refers to a process for ensuring the business is conducted in an effective…

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: Which option below accurately describes the process of continually assessing internal controls and…

A: Audit report:An audit report is a formal statement issued by an auditor after examining a company's…

Q: Another term used for performance audit is * a. Agency activity audit b. Value for money audit c.…

A: A performance audit s an independent assessment of an entity's operations to determine if specific…

Q: In terms of effectiveness and efficiency of operations, as well as of meeting the generic…

A: Sending a copy of the Purchase Order (PO) from the purchasing department to the receiving department…

Q: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: _____, which constitute one of the most important elements of internal control, include separating…

A: Explanation: Internal control systems need to be monitored - a process that assesses the quality of…

Q: 19. Which of the following is the best way to compensate for inadequate segregation of duties? a.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What are the three steps to assessing internal control risk?

A: Internal control risk is the possible exposure that an organization may have due to defects or…