Answered: Why does management employ internal…

Business

Accounting

Why does management employ internal control systems as part of organizational and IT governance initiatives?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 1RQSC

See similar textbooks

Related questions

Q: I want to answer this question

A: Step 1: Introduction to the Absorption CostingIn cost accounting, absorption costing refers to the…

Q: None

A: The problem requires the determination of the firm's price-earnings ratio. The price-to-earnings…

Q: Hi expart give correct answer

A: Sales revenue represents the total amount of money that a company earns from selling goods or…

Q: Do not use chatgpt

A: Step 1: Analyze TransactionsDetermine necessary journal entries for each transaction, such as…

Q: None

A: Step 1: Introduction to the LiabilitiesLiabilities are defined as the obligations of an individual…

Q: A prospective MBA student earns $60,000 per year in her current job and expects that amount to…

A: Given the information above,Required:Net Present Value (NPV) of the more attractive…

Q: hello please give answer

A: Step 1: Introduction to the Authorized Shares:In business and finance, authorized shares refer to…

Q: Q2Jenny's adjusted gross income (AGI) is $120,000 a year and she owns a real estate property that…

A: Step 1 - Total Gross Income Calculation AGI: $120,000 Rental Income: $10,000 Total Gross Income =…

Q: None

A: Step 1: Introduction to the Job CostingJob costing refers to the accounting that is used to…

Q: Give correct Manufacturing overhead rate

A: Step 1: Introduction to the OverheadOverhead expenses are indirect expenses of the business and…

Q: Computing and Interpreting Financial Statement Ratios Following are selected ratios of Norfolk…

A: Let's go through the questions based on the given ratios for Norfolk Southern:1. Was the company…

Q: I want correct solution

A: Step 1:Net Income = sales * profit margin =$616,400*8.75% = $53,935 Earning…

Q: Give me correct answer

A: First, identify the high and low activity levels: HIGH : May , 56,000 units , $162,600 LOW :…

Q: provide answer of this question

A: Step 1: Calculate the earnings before, interest, taxes, depreciation, and amortization (EBITDA) by…

Q: Hi expart Provide correct answer

A: a. Variable cost per mile = (Monthly cost of the highest activity level - Cost of the lowest…

Q: Given below are the account balances for Charlie Company: Gross sales - $92,000 Sales returns and…

A: Step 1: Calculate net sales.Net sales = Gross sales - Sales returns and allowancesNet…

Q: Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported…

A: Question 1: Book-to-Tax Adjustments (Temporary Differences)Temporary differences are differences…

Q: Ap 4 please help......

A: Explanation of Payback Period: The payback period is the amount of time it takes for an investment…

Q: need answer with option provide solution

Q: Need answer the question

A: Step 1: Definition of Ownership InterestOwnership interest is the possession of stocks, real estate,…

Q: Harding Corporation has the following accounts included in its December 31, 2012, trial balance:…

A: Preparation of the current asset section of the balance sheet as follows:HARDING CORPORATIONPartial…

Q: How to work this probl

A: Given information:Process time16 hoursInspection time3 hoursMove time 11 hoursWait time20…

Q: IMA's Ethical Principles demonstrate IMA members commitment to behave ethically. List the four…

A: The Institute of Management Accountants (IMA) has established a set of ethical principles to guide…

Q: Give solution

A: Step 1: Introduction to the Gross ProfitThe gross profit of a company is reported on its income…

Q: Question 6 Not complete Marked out of 6.00 Flag question Preparation of financial statements for a…

A: We can explain further as follows;1. Statement of ActivitiesThe Statement of Activities for a…

Q: 1 Which of the following variances would be useful in calling attention to possible problems in the…

A: Detailed explanation: Understanding Overhead Variances:Overhead costs are the indirect costs of…

Q: None

A: Step 1: Introduction to the Notes ReceivableThe companies allow the customers to tide over their…

Q: Give labor rate variance

Q: Can you please check my wo

A: Traditional approach non-value-added time:Move time + Wait time = 6 hours + 2 hours = 8…

Q: Give true answer

A: Let me give the details carefully to ensure accuracy for both the cash-basis and accrual-basis…

Q: Tuff Industrial Products is a limited liability company taxable as a partnership. TIP manufactures…

A: Several critical pieces of information are needed to adequately address the questions posed by the…

Q: Provide answer

A: Step 1: Introduction to the Revenue and ExpensesRevenue refers to the amount received or earned from…

Q: What is a good response to.... A hedge is something an investor can use to mitigate risk while…

A: Hedging is a financial strategy that investors use to manage and mitigate risks while pursuing…

Q: 5. **What does GAAP stand for?** A) General Accounting Assessment Principles B) Generally Accepted…

A: Step 1: GAAP, or Generally Accepted Accounting Principles, is a set of accounting standards and…

Q: Do not use ai

A: To determine the fair value of the investment.Given:- The investment pays $100 per year in year 1-…

Q: Your company has net sales of $468,300 and average net receivables of $111,500 for the year. Which…

A: Step 1 Receivables Turnover Ratio =Net Sales / Average Accounts Receivables Average days to collect=…

Q: Can you please check my work bc it keeps showing that I'm m

A: Step 1: Understanding the Payback PeriodThe payback period is the time it takes for a project to…

Q: Do not use Ai

A: Financial accounting is a system designed to provide critical financial information to external…

Q: activity for a specific inventory item for the month of March was as follows:# of Per UnitTotalUnits…

Q: Pls fastttt ans

A: The closest option to 14.03% is C. 14 percent. Therefore, the correct answer is C. 14 percent.

Q: Please give me correct solution

A: Hello student! Lower of Cost or Market Method requires an entity to report its inventory at cost or…

Q: I need answer this question

A: Step 1: Introduction to the InventoryInventory refers to the goods which a company holds for…

Q: If don't know answer to the question. Don't do it

A: However, there might be specific circumstances where an investor might consider investing in a…

Q: Question 6 In the "Input Analysis" section of the spreadsheet model, calculate a sales forecast for…

A: IntroductionAccurate sales forecasting is crucial for businesses to make informed decisions, manage…

Q: Provide correct solution

A: 1. Calculate the Weighted Average Shares Outstanding The calculation of the weighted average shares…

Q: I want correct answer

A: Step 1: Introduction to the Intangible AssetsIntangible assets are those assets that are related to…

Q: Need help with this question

A: Step 1: Introduction to the Asset DisposalAsset disposal is the process of selling of fixed asset…

Q: None

A: Step 1: Introduction to the Operating Cash FlowThe operating cash flow of a firm represents the net…

Q: None

A: Step 1: Introduction to the High-Low MethodThe high-low method is an approach used to separate out…

Q: Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires…

A: Answer image:2. (See no. 2)

Question

Why does management employ internal control systems as part of organizational and IT governance initiatives?

Processes and procedures involved in achieving the organizational goals and objectives for the daily operations of a company. Control systems involve all the operational control systems, their implementation, and strategic control processes.

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

What is a management control system? What are its components and how does the system help the business?
What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.
Why is it important to have a very sound and well-developed internal control structure?
What is operational feasibility and what problems must management address to achieve it?
Discuss the difference between centralized and decentralized organizations. Does the size of the organization influence whether the organization has a centralized or decentralized structure? Explain.
What are some activities and tasks a manager might perform when engaging in the controlling function of management responsibilities?
Distinguish between entity-wide and transaction controls. Which components of internal control are typically entity-wide controls? Which components of internal control are typically transaction controls?
how does data analytics affect internal controls in an organization?
Describe how internal control systems help organizations achieve objectives and respond to risks.
What is Management Responsible for in regards to Internal Control?
What is the link between the internal control environment and accountability?
How do you think that information, such as CSR-related information, could be used to manage an organization’s relationships with its powerful stakeholders?