Question 3 "Internal controls are more than just about detection and prevention of fraud in an entity." Discuss and elaborate five (5) purposes of internal controls to an organisation, and provide relevant examples that leverage on IT to fulfil each of these internal control purposes accordingly.
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- Question 29 The most important fundamental component of an entity's internal control is: Effectiveness of operations. People who operate and function within the control system. Reliability of financial reporting. Compliance with applicable laws and regulations.19 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 options1. 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.
- Match 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 vulnerabilities8 From the alternatives given below identify which one is not the objective of Internal Control System? a. Asset protection b. Proper control c. Perfect accounting system d. IntegrityThe most important fundamental component of an entity’s internal control isa. Effectiveness and efficiency of operations.b. People who operate the control system.c. Reliability of financial reporting.d. Compliance with applicable laws and regulations.
- 49 A review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. Group of answer choices Cash Audit Internal Audit Operational Audit External Audita) What is internal control? b) Identify the components of COSO’s Enterprise Risk Management. NB: answer question a & b in detailsning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.
- es Question 28 The COSO model for internal control lists five specific areas encompassed by the control environment component. Which of the following is not an element of the control environment? O Risk assessment. O Assignment of authority and responsibility O Integrity and ethical values. O Organizational structure. sulzilZa1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…10. 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 monitoring