Which of the following is NOT included in the concept of internal control? O entity's resources O entity's processes O entity's culture O entity's external auditors

Clear lines of authority and responsibility are essential to establishing a responsibility accounting system.  tRUE OR fALSE

An element of internal control is   a. risk assessment   b. controlling accounts   c. journals   d. subsidiary ledgers

Is an organization’s internal audit function part of its system of internal controls? If your answer is yes, explain how the internal audit function can evaluate the design adequacy and operating effectiveness of internal controls and at the same time remain independent of the organization’s system of internal controls. If your answer is no, explain the internal audit function’s role relative to the organization’s system of internal controls.

issues of ethics, regulation and compliance and the extent to which they are constraints or threats to the organisation

Which of the following is the most complicated principle of internal control and must be an ongoing process that involves a combination of both internal and external sources? a) verification b) recordkeeping c) protection of assets