Match each of the following control activities with its definition. Control Activities Definitions 1. Separation of duties 2. Physical controls 3. Proper authorization 4. Employee management 5. Reconciliations 6. Performance reviews a. The company should maintain security over assets and accounting records.b. Management should periodically determine whether the amounts of physical assets of the company match the accounting records.c. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties.d. The actual performance of individuals or processes should be checked against their expected performance.e. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees.f. To prevent improper use of the company’s resources, only certain employees are allowed to carry out certain business activities.

Audit Procedures for Quality Control in Auditing Firms: Quality control in auditing firms is essential to ensure that audit engagements are performed with the highest level of professionalism, integrity, and accuracy. Audit procedures for quality control encompass various measures implemented by auditing firms to maintain and enhance the quality of their audit services. Here are some key aspects of audit procedures for quality control: 1. Quality Control Policies and Procedures: Auditing firms establish comprehensive quality control policies and procedures that outline the firm's commitment to maintaining audit quality. These policies cover areas such as independence, ethical standards, professional competence, supervision, and review of audit work. 2. Risk Assessment: Auditing firms conduct risk assessments to identify potential risks and threats to audit quality. This involves evaluating factors such as client characteristics, industry risks, inherent risk factors, and complexity of…

The best way to enact a broad fraud prevention program is toa. Install airtight control systems of checks and supervision.b. Name an ethics officer who is responsible for receiving and acting upon fraud tips.c. Place dedicated hotline telephones on walls around the workplace with direct communication to the company ethics officer.d. Establish a corporate culture conducive to ethical behavior in the workplace

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.