The Committee of Sponsoring Organizations (COSO) explains the importance of the control environment to internal controls by stating that it sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all aspects of internal control, providing discipline and structure. Explain what is meant by this statement.

Q: Identify the other control procedures usually found in a company’s system of internal controlbesides…

A: Internal control are the policies and procedures implemented in an organisation to ensure that the…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: 2. Agency theory is based on the view that A. The purpose of corporate governance (CG) should be to…

A: Agency theory is based on the view that- A. The purpose of corporate governance (CG) should be to…

Q: Which of the following are examples of SOFT controls? [SELECT ALL THAT APPLY] a) Tone at the top (in…

A: HARD controls are more specific and measurable. Examples of HARD controls include: Physical…

Q: What is management's responsibilities for reporting internal control under Section 404 Sarbanes…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Which of the following statement doesn't describes the organizational vision: Select one: O a. It is…

A: Organisational vision statement shows the purpose of the organisation. It shows the total and one…

Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: Which of the following BEST (select one) explains why IT governance provides a starting point for…

A: IT governance is the framework of policies, procedures, and controls that an organization puts in…

Q: What are the FOUR broad objectives of an Internal Control for an organisation.What are the FOUR…

A: Here is the Answer:

Q: A strategic business unit (SBU) consists of a well-defined set of controllable operating activities…

A: A Strategy Business unit is a separate functional unit mostly set up for specific marketing…

Q: The controller should be a member of the top management staff. Do you agree or disagree? Explain.

A: Top management: The top management of the business implies to the higher level of staff which…

Q: The internal control of an organization is made up of O control of the environment. O all of these.…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: The foundation for building an ethical organisation is corporate governance. Governance should…

A: Corporate governance refers to the concept of a compiled set of rules and regulations which are…

Q: ternal control consists of the actions taken by people at every level of an organization to achieve…

A: Internal control refers to the policies, procedures, and practices implemented by an organization to…

Q: What are the FOUR broad objectives of an Internal Control for an organisation.What are the FOUR…

A: Accounting and financial information of the company is gathered, stored and processed with the…

Q: What is the conclusion of accountability and transparency in terms of policing?

A: Accountability  in terms of policing.  Police accountability ensures that officers can work together…

Q: Explain how “groupthink” might lead a person to ignore moral and ethical duty in an organization.

A:

Q: Auditor conducts management interview as a part of evaluation of internal control a. To understand…

A: The procedures that are being implemented on the entity to maintain the unbiased financial reporting…

Q: What are management’s and auditors’ respective responsibilities regarding internal control?

A: Internal control: Internal controls are set by management. it is important to understand that…

Q: Explain the relationship between corporate ethics and internal control.

A: Corporate ethics: Corporate ethics are also known as business ethics. It refers to policies,…

Q: The basic components of an organization's internal control are:                 Select one: a.…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

Q: Who oversees the organization’s system of internal control? a. None of the choices b. Process…

A: The internal controls are related to the organisation behaviour and process.

Q: Question: List 3 internal control procedures that are necessary in a large organization?

A: The controls that are employed internally in an organization with the purpose of safeguarding its…

Q: Discuss 2 similarities and differences of internal controls reporting requirements between public…

A: Similarities in Internal Controls Reporting Requirements:Documentation and Accountability: Both…

Q: The factors affecting control risk include: O The environment in which the company operates The…

A: CONTROL RISK IS THE LIKELIHOOD THAT A MATERIAL MISSTATEMENT WOULD NOT BE CAUGHT BY THE CLIENT'S…

Q: how we share our findings and concerns with the board of directors in internal control system?

A: Management is in-charge of the establishment and maintenance of the internal audit function. An…

Q: Which of the following represents two management functions? Regulating and directing O Controlling…

A: Management functions are a set of activities and processes that are essential for effective…

Q: The attitudes and actions of those charged with governance concerning an entity's internal control…

A: Control activities involves policies and procedure taken by the management to minimize risk. It…

Q: Chester Company has established internal control policies and procedures in order to achieve the…

A: Internal control procedures are established by the entity in order to maintain and accuracy and…

Q: The following is a list of 12 control plans from Chapter 8. These are followed by a list of 10…

A: Internal controls are the measures a company takes to protect its assets, guarantee the accuracy and…

Q: The conceptual framework refers to the concept of safeguards. Which of the following is an example…

A: Audit report:An audit report is a formal statement issued by an auditor after examining a company's…

Q: t is perceived that CSR of an organization may lead to trust development among the employees which…

A: CSR is the corporate social responsibility that is acting responsibility towards the society and…

Q: Internal Control Build an environment of a media communication company (follow the principles and…

A: Answer:-  Internal control definition:- Internal control can be defined by the accounting and…

Q: Very behavioral and very qualitative aspects are advantages of .... O a. Financial control O b.…

A: Very behavioral and very qualitative aspects means to have a working environment where everyone are…

Q: (ANSWER IN PARAGRAPH FORM) What are the most significant challenges that auditors face when…

A: For a variety of reasons, evaluating the effectiveness of internal controls involving information…

Q: S8-1 Definition of internal control Internal controls are designed to safeguard assets, encourage…

A: The Four Most Important Objectives are : Ensuring Accurate Records Promotes Operational Efficiency…

Q: Senior management

A: Senior management obtains data about external events that might affect the entity and evaluates the…

Q: The following is a list of 12 control plans from Chapter 8. These are followed by a list of 10…

A: Internal controls are the steps a business takes to safeguard its assets, ensure the reliability and…

Q: ENTERPRISE RISK MANAGEMENT (ERM) Explain on how to go about seeking board approval for ERM…

A: Enterprise risk management is a highly crucial risk management from the perspective of the…

Q: internal and external audit

A: Internal audit is a process done by auditors appointed by management to act as a check on the day to…

Q: List at least 5 control measures per principle of control activities (Establishment of…

A: Internal control refers to that mechanism ,rules and procedures of the company  for preventing…

Q: Among the five components of internal controls namely, control environment, risk assessment,…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: he whole organization is in which management level? O Middle level management O Top level management…

A: Management: The management can be defined as the interlocking of the functions for the planning,…