Which of the following is not one of the nine features of an internal control system? Multiple Choice Having employees covered by a fidelity bond Establishment of clear lines of authority

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.

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.

Which of the following is not one of the basic standards of the Institute of Management Accountants (IMA) Code of Ethics?   Multiple Choice   Integrity   Honesty   Confidentiality   Competence

Match each of the following components of internal control with its description. Components of Internal Control Descriptions 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring a. Procedures for maintaining separation ofduties.b. Routine activities that are meant tocontinually observe internal controlactivities.c. Transfer of data from lower managersto top executives for accurate financialreporting.d. Formal policies to evaluate internal andexternal threats to achieving companyobjectives.e. Overall attitude of the company withrespect to internal controls.

List the 7 broad principles of internal control. Why should responsibility for related transactions be divided among different departments or individuals? Why should the person who keeps the records of an asset not be the person responsible for its custody? What are the limitations of internal control?

Please answer all 3 subparts Question 1 (i) Which of the following is not an appropriate definition of Corporate governance?A. The system of rules and processes by which a company is directed and controlled.B. The way powers are shared and exercised by different groups to achieve objectives of the company.C. The system of decision making and administrative work related to the daily operations of the organisation.D. The system of monitoring and control to ensure that management runs the company in the interests of shareholders. (ii) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be…

Clearly identify and explain three internal controls that an organisation can implement within the sales and collection process of an organisation. Your answer should discuss how the identified items are internal controls from the latter context

One of the principles of internal control is "establishment of responsibility". This principle does not include: a. one person being responsible for one task. b. independent internal verification. c. authorisation of transactions. d. approval of transactions.

although allowing for agency issues, one distinctive feature of a public coporation is that there is separation of ownership and control. True or False