Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Question
Chapter 7, Problem 2P
Summary Introduction
To conduct: A research on the internal control of an organization and to prepare a report.
Introduction:
It is an information structure which collects and manages data of an organization which can be utilized by analysts, managers, and other decision making authorities of an organization.
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Students have asked these similar questions
When planning the audit of internal controls for an issuer, the audit team shoulda. Identify significant accounts, locations, and assertions.b. Conduct a walkthrough of the internal control process.c. Make inquiries of employees regarding the existence of control activities.d. Reperform control activities performed by client employees to determine theireffectiveness.
Which of the following elements of internal control includes maintaining records of employees documenting their compensation and promotion?
Control procedures
Monitoring
Control environment
Risk assessment
Write a comprehensive research paper on on internal controls and internal auditing. Clearly Defining what is meant by internal control, Distinguishing among the major components of a client’s internal control: the control environment, risk assessment, control activities, the accounting information system, and monitoring of controls. And lastly, Describing the auditors' consideration of internal control.
Chapter 7 Solutions
Accounting Information Systems
Ch. 7 - Describe organizational governance.Ch. 7 - Prob. 2RQCh. 7 - Describe the eight elements of ERM.Ch. 7 - Describe and compare risks and opportunities.Ch. 7 - Prob. 5RQCh. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - What is COSO?Ch. 7 - Prob. 9RQCh. 7 - Prob. 10RQ
Ch. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Prob. 19RQCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Provide five examples of potential conflict...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 1SPCh. 7 - Match the concept in List 1 with the definition or...Ch. 7 - Match the concept in List 1 with the definition or...Ch. 7 - Prob. 4SPCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 6P
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Similar questions
- Discuss the auditor's risk assessment procedures for assessing control risk, and provide specific procedures related to understanding management's risk assessment component of internal control.arrow_forwardwhat audit determines whether organizational policies are being followed and whether external mandates are being met?arrow_forwardAudit procedures designed to evaluate the operating effectiveness of controls to prevent, detect, or correct material misstatements are known as organizational structure. O control testing. O commitment to competence. O management's philosophy and operating style.arrow_forward
- Analyze what information the auditors are needed to provide to those in charge of the client's governance.arrow_forwardin your own words, what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.arrow_forwardExplain the primary purpose of the Management letter. Discuss the various components of internal control in the COSO internal control framework. Explain the concept ‘review of subsequent events’ and their significance in the audit of a client. Explain the concept ‘Contingent liabilities’ and their significance in the audit of a client.arrow_forward
- In which element of Internal Control are personnel policies included: Control Procedures Control Environment O Risk Assessmenet Information and Communication O Monitoringarrow_forwardWhat measures does the governance board can put into place to establish ethical expectations.arrow_forwardWhat 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.arrow_forward
- Refer to Exhibit 3.10 and Exhibit 3.11. Describe management’s process for evaluating internal control over financial reporting. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment.arrow_forwardIs an organization’s internal audit function part of its system of internal controls? If your answer is yes, explain how the internal audit function can evaluate the design adequacy and operating effectiveness of internal controls and at the same time remain independent of the organization’s system of internal controls. If your answer is no, explain the internal audit function’s role relative to the organization’s system of internal controls.arrow_forwardEnsuring that all material transactions processed by the information system are valid and in accordance with management’s objectives is an example ofa. transaction authorization. b. supervision. c. accounting records. d. independent verification.arrow_forward
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