Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem 20.2MCQ
Actions, policies, and procedures that reflect the overall attitude of management, directors, and owners of the entity about internal control relate to which of the following internal control components?
- (1) Control environment
- (2) Information and communication
- (3) Risk assessment
- (4) Monitoring
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The attitudes and actions of those charged with governance concerning an entity's internal control is
known as
the entity's risk assessment process.
O monitoring of controls.
control activities.
O the control environment.
one of the components of internal control is the control activities;which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity objectives. what are the most important control activities (explain each of these control activities)?
Internal controls are grouped into the following categories:
Efficient operations, financial analysis, and compliance
Effective operations, financial reporting, and compliance.
Efficient operations, financial analysis, and management reporting.
Production and operations, financial reporting, and management reporting
Chapter 11 Solutions
Auditing And Assurance Services
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQ
Ch. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - Prob. 20.1MCQCh. 11 - Actions, policies, and procedures that reflect the...Ch. 11 - Prob. 20.3MCQCh. 11 - Prob. 21.1MCQCh. 11 - Prob. 21.2MCQCh. 11 - Prob. 21.3MCQCh. 11 - Prob. 22.1MCQCh. 11 - Prob. 22.2MCQCh. 11 - Which of the following correctly describes an...Ch. 11 - Prob. 23DQPCh. 11 - Prob. 24DQPCh. 11 - The following are misstatements that have occurred...Ch. 11 - Prob. 26DQPCh. 11 - Prob. 27DQPCh. 11 - Prob. 28DQPCh. 11 - Prob. 29DQPCh. 11 - Prob. 30DQPCh. 11 - Prob. 31DQPCh. 11 - Prob. 32C
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- What are the components of internal control per COSO’s Internal Control—Integrated Framework? a. Organizational structure, management philosophy, planning, risk assessment, and control activities. b. Control environment, risk assessment, control activities, information and communication, and monitoring. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment.arrow_forwardRefer to Exhibit 3.10 and Exhibit 3.11. Describe management’s process for evaluating internal control over financial reporting. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment.arrow_forwardA system that establishes financial accountability for operating segments within an organization is called _______. A. a financial statement B. an internal control system C. responsibility accounting D. centralizationarrow_forward
- Which of the following is an element of the control environment? Oa. Risk assessment plans Ob. Managements' operating styles Oc. Control proceares Od. Information and communication activitiesarrow_forwardIn which element of Internal Control are personnel policies included: Control Procedures Control Environment O Risk Assessmenet Information and Communication O Monitoringarrow_forwardWhich of the following is not one of the components of COSO’s framework? A. Objective setting which includes setting the objectives and critical success factors B. Continuously monitoring the ERM process C. Risk Assessment to manage risk related to achieving corporate objectives D. Safeguarding assets to prevent or detect unauthorized acquisition, use or disposition E. Control Activities which include policies and procedures to assure that management’s control objectives are metarrow_forward
- Which among the following is not a principle relating to control activities? a. Management designs control activities to achieve its objectives. b. Management designs its information systems and related control activities to achieve its objectives and respond to risks. c. External auditor implements the control activities to achieve its objectives and respond to risks d. The agency implements control activities through policies and procedures.arrow_forwardInternal Control Elements Identify each of the following as relating to the control environment, control procedures, or information and communication: 1. Organizational structure 2. Report of company's conformity with environmental laws and regulations 3. Proofs and security measuresarrow_forward
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