College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7A, Problem 1SEA
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Describe the components of internal control framework.
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1. Explain the term internal controls.
2. Explain two (2) major objectives of a system of internal control.
3.Explain briefly SIX (6) major categories of internal control.
List at least 5 control measures per principle of control activities (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, Human Resource Controls) which an organization may implement to establish internal control procedures.
Which of the following is an element of the control environment?
Oa. Risk assessment plans
Ob. Managements' operating styles
Oc. Control proceares
Od. Information and communication activities
Chapter 7A Solutions
College Accounting, Chapters 1-27
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- Refer to Exhibit 3.2. List the principles representing the fundamental concepts of the control environment component.arrow_forwardThe control environment is seen as the foundation for all other components of internal control. (T/F)arrow_forward_____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. Control procedures Risk assessment activities Information and communication activities Risk monitoring proceduresarrow_forward
- Describe the four organization objective categories in the internal control framework. How are they related to the ERM components of internal control?arrow_forwardWhat element of internal control would include the setting of "tone at the top"? a.control environment b.risk assessment c.monitoring d.control activitiesarrow_forward19 Which one of the following activities is a part of internal control system? a. Internal check b. Other control measures c. Internal audit d. All of the optionsarrow_forward
- In which element of Internal Control are personnel policies included: Control Procedures Control Environment O Risk Assessmenet Information and Communication O Monitoringarrow_forward10. The basic components of an organization's internal control are: Select one:a. (Accounting) information and communication, risk assessment and monitoring.b. Control environment, risk assessment, control activities and management participationc. Control environment, risk assessment, reporting and control activitiesd. Control environment, risk assessment, control activities. (Accounting) information and Communication and monitoringarrow_forwardInternal control consists of the actions taken by people at every level of an organization to achieve its objectives relating to operations, reporting, and compliance. True or False True Falsearrow_forward
- Question: List 3 internal control procedures that are necessary in a large organization?arrow_forwardMatch the following elements of internal control: Question 4 options: information and communication control environment risk assessment monitoring control procedures 1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilitiesarrow_forwardAll of the following are components of internal control except Monitoring The information and communication system. Risk assessment process Management reportsarrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License