Internal Control: Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization. To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

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Answer 1

Question

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

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Answer 2

Question

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

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Answer 5

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 6

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

Answer 7

Chapter 8, Problem 8.3E

(a)

To determine

Internal Control:

Internal control can be defined as a process to ensure achievement of the objectives of an organization in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. The internal controls are framed in an organization to eliminate the internal control deficiencies of the organization.

To determine: The weakness in internal control and identify the control principle that is violated for the given procedures in 1, 2, 3, 4, and 5.

Answer 8

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 9

(b)

To determine

A change in procedure for each procedure that would result in good internal control.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

A change in procedure for each procedure that would result in good internal control.

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Chapter 8 Solutions