Select the necessary words from the list of possibilities to complete the following statements. 1. The Foreign Corrupt Practices Act of 1977 prohibits 2 companies to maintain an effective system of internal control. Statements Under COSO, the control environment, risk assessment, the accounting information and communication system, control activities and monitoring are referred to as the of internal control. 3. No single employee in a company should have incompatible and conceal errors or fraud in the normal course of performing his or her job. 4. The two broad categories of information processing controls are 6 5. Controls that rely on segregation of duties may be circumvented by A client's organizational structure. 9. to foreign officials to obtain business and requires allowing the employee to both perpetrate Auditors are required by professional standards to communicate committee. 10. One or more and application controls. environment includes such components as management philosophy and operating style, and 7 A form of insurance in which an insurance company agrees to reimburse an employer for losses attributable to employee theft is referred to as among employees. 8. The auditors of a service organization, known as service auditors, may review the controls at the organization and issue a report that may be relied upon by auditors. and material weaknesses to the audit in internal control result in an adverse opinion on internal control. Answer
Select the necessary words from the list of possibilities to complete the following statements. 1. The Foreign Corrupt Practices Act of 1977 prohibits 2 companies to maintain an effective system of internal control. Statements Under COSO, the control environment, risk assessment, the accounting information and communication system, control activities and monitoring are referred to as the of internal control. 3. No single employee in a company should have incompatible and conceal errors or fraud in the normal course of performing his or her job. 4. The two broad categories of information processing controls are 6 5. Controls that rely on segregation of duties may be circumvented by A client's organizational structure. 9. to foreign officials to obtain business and requires allowing the employee to both perpetrate Auditors are required by professional standards to communicate committee. 10. One or more and application controls. environment includes such components as management philosophy and operating style, and 7 A form of insurance in which an insurance company agrees to reimburse an employer for losses attributable to employee theft is referred to as among employees. 8. The auditors of a service organization, known as service auditors, may review the controls at the organization and issue a report that may be relied upon by auditors. and material weaknesses to the audit in internal control result in an adverse opinion on internal control. Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Select the necessary words from the list of possibilities to complete the following statements.
1.
The Foreign Corrupt Practices Act of 1977 prohibits
2.
companies to maintain an effective system of internal control.
Statements
Under COSO, the control environment, risk assessment, the accounting information and communication system,
control activities and monitoring are referred to as the
of internal control.
to foreign officials to obtain business and requires
No single employee in a company should have incompatible
3.
and conceal errors or fraud in the normal course of performing his or her job.
4. The two broad categories of information processing controls are
5. Controls that rely on segregation of duties may be circumvented by
6.
A client's
organizational structure.
9.
allowing the employee to both perpetrate
and application controls.
environment includes such components as management philosophy and operating style, and
7.
A form of insurance in which an insurance company agrees to reimburse an employer for losses attributable to
employee theft is referred to as
Auditors are required by professional standards to communicate
committee.
10. One or more
among employees.
8.
The auditors of a service organization, known as service auditors, may review the controls at the organization and
issue a report that may be relied upon by
auditors.
and material weaknesses to the audit
in internal control result in an adverse opinion on internal control.
Answer
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