Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization. To state: The importance of internal control in an organization.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The following scenarios are taken from actual fraud cases. For each scenario, categorize as primarily indicating (A) An incentive to commit fraud (B) An opportunity to commit fraud or (C) a rationalization for committing fraud. State your reason for your answer in each scenario. 1. Top management of the company closely guards internal financial information, to the extent that even some employees on a "need to know basis" are denied full access.

Explain the three special characteristics of management fraud: a. The fraud is perpetrated at levels of management above the one to which internal control structures generally relate. b. The fraud frequently involves using the financial statements to create an illusion that an entity is healthier and more prosperous than, in fact, it is. c. If the fraud involves misappropriation of assets, it frequently is shrouded in a maze of complex business transactions, often involving related third parties. Please provide me a correct and clear explanations. Thank you!

a. Internal controls play an important role in reducing the risks of fraudulent activities in any organization. Further, advanced technology helps accountants in reducing fraud. Explain how an advanced technology transaction processing system reduces fraudulent activitiesfrom any organizing.b) Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment.----------------------------------------------------------------------------------------

Answer 2

Question

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Answer 6

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

Answer 7

Chapter 3, Problem 39FF

a.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The importance of internal control in an organization.

Answer 8

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

Answer 9

b.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The way in which internal control help in achieving reliable financial reporting.

Answer 10

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

Answer 11

c.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The need for external auditors to be aware of internal control over financial reporting of its client.

Answer 12

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

Answer 13

d.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Internal control over financial reporting and its components.

Answer 14

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

Answer 15

e.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: Segregation of duties comes under which type of control and the risk it tries to reduce.

Answer 16

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Answer 17

f.

To determine

Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.

To state: The control activities C company would have implemented in order to prevent the fraud.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 21

Ch. 3 - Prob. 1CYBK Ch. 3 - Prob. 2CYBK Ch. 3 - Which of the following are affected by the quality...Ch. 3 - Prob. 4CYBK Ch. 3 - Prob. 5CYBK Ch. 3 - Prob. 6CYBK Ch. 3 - What are the components of internal control per...Ch. 3 - Prob. 8CYBK Ch. 3 - Prob. 9CYBK Ch. 3 - The control environment is seen as the foundation...

Want to see the full answer?

Chapter 3 Solutions