What is internal control Describe TWO categories of internal control objectives and TWO components of internal control

Q: Name and describe the five elements of internal control is any one element of internal control more…

A: Definition:

Q: Which of the following statements is/are true? Select one: O A. Planning must precede control O B.…

A: Which of the following statements is/are true? (A) Planning must precede control. Without a plan, it…

Q: In the consideration of internal control, the operating effectiveness of controls is tested by:…

A: internal controls -    internal controls are the policies and procedures laid down by the management…

Q: Which of the following is NOT one of the sub-components of the control environment? Management's…

A: Control environment : control environment sets the tone of an orgaanization, influencing the control…

Q: How discussing control with the apprpriate levels of personnel in internal control system?

A: To achieve the organisation’s goals & objectives the board of directors along with the top tier…

Q: What are the five components of internal control? Briefly explain each component.

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

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

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: What are five common internal control principles?

A: Controlling is one of the main managerial functions of any organisation. Managerial functions are…

Q: What are the five components of Internal Control?

A: Five components of internal control are: Control environment - It refers to top management attitude…

Q: The five aspects of internal control are identified and described in (a). (b) Is there a single…

A: Here is the answer :

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: Discuss what internal control is in audit and assurance in depth.

A: Internal Control is a set of policies, procedures, and processes designed by an organization to…

Q: 1. Explain the term internal controls. 2. Explain two (2) major objectives of a system of internal…

A: 1. 1. Internal controls are the procedures, processes and systems that an organization puts in place…

Q: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: What are the five components of internal control? Briefly explain each component?

A: The components of internal controls are explained below :

Q: Describe the four organization objective categories in the internal control framework. How are they…

A: Internal control systems are the policies, procedures framed by the management of the Company to…

Q: Explain the differences between planning, directing, and controlling.

A: Planning: It means thinking in advance what to do, when to do and how the actions would take place…

Q: What are the six broad classes of physical control activites defined by SAS 78/ COSO?

A:

Q: Controls are classified as general as well as application. Discuss, using appropriate examples, any…

A: Internal Controls: Internal controls are the safeguards put in place within an organization to…

Q: Indirect material is classified on the basis

A: Indirect Material – materials used in production process insignificant in nature for the finished…

Q: What are the three steps to assessing internal control risk?

A: Internal control risk is the possible exposure that an organization may have due to defects or…

Q: Define and describe the five basic components of internal control and specifysome of their…

A:

Q: List the four major categories of general controls, and Identify the objectives of each.

A: General controls refer to the information system activities to be applied in the whole…

Q: Which of the following is not a component of internalcontrol?a. Environmental assessmentb. Control…

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

Q: Distinguish between a test of control and a substantive test of transactions. Give two examples of…

A: SOLUTION- Test of controls: auditors assess control risk based on understanding of internal control…