Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 6, Problem 1WC
To determine
Discuss about the internal control and its activities required for a small business.
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Match the following elements of internal control:
Question 4 options:
information and communication
control environment
risk assessment
monitoring
control procedures
1.
provides reasonable assurance that business goals will be achieved
2.
used by management for guiding operations and ensuring compliance with requirements
3.
overall attitude of management and employees
4.
used to locate weaknesses and improve controls
5.
identify, analyze and assess likeliness of vulnerabilities
Describe ways that system theory can help you implement an OD intervention.
Assume an organization wants to give more power or decision-making authority to lower level employees. Describe one intervention that might be useful for achieving the objective.
Assume an organization conducted a workshop on customer service. The goal was to improve the customers experience. Describe one way you might be able to evaluate the intervention
XYZ Company hired you as an internal control officer to help the company in developing the internal control system which is
consists of policies and procedures to protect assets, ensure reliable accounting, promote efficient operations, and uphold
company policies. As well as the system will prevent avoidable losses and help managers both plan operations and monitor
company and human performance.
list any five good principles of internal control that you need to consider when developing the system.
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Chapter 6 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 1SCCh. 6 - Prob. 2SCCh. 6 - Prob. 3SCCh. 6 - Prob. 4SCCh. 6 - Separation of duties refers to separating all of...Ch. 6 - Which of the following is not a control activity?...Ch. 6 - Prob. 7SCCh. 6 - Prob. 8SCCh. 6 - Internal auditors focus on _________ ; external...Ch. 6 - Prob. 10SCCh. 6 - Prob. 11SCCh. 6 - Prob. 12SCCh. 6 - Prob. 1SECh. 6 - Fraud triangle (Learning Objective 3) 5-10 min....Ch. 6 - Prob. 3SECh. 6 - Internal controls (Learning Objective 2) 5-10 min....Ch. 6 - Prob. 5SECh. 6 - Prob. 6SECh. 6 - Prob. 7SECh. 6 - Prob. 8SECh. 6 - Prob. 9SECh. 6 - Prob. 10SECh. 6 - Prob. 11SECh. 6 - Accounting terminology (Learning Objectives 1 4)...Ch. 6 - Prob. 13SECh. 6 - Prob. 14SECh. 6 - Prob. 1CFSAPCh. 6 - Prob. 1EIACh. 6 - Prob. 2EIACh. 6 - Prob. 3EIACh. 6 - Prob. 4EIACh. 6 - Prob. 5EIACh. 6 - Prob. 6EIACh. 6 - Case 7. Kelly Straton, a trusted employee of...Ch. 6 - Prob. 8EIACh. 6 - Prob. 1FACh. 6 - Industry Analysis Purpose: To help you understand...Ch. 6 - Prob. 1SBACh. 6 - Prob. 1WC
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- Consider the following dialogue between a systems professional, Joe Pugh, and a manager of a department tar- geted for a new information system, Lars Meyer:Pugh: The way to go about the analysis is to first examine the old system, such as reviewing key documents and observing the workers performing their tasks. Then we can determine which aspects are working well and which should be preserved. Meyer: We have been through these types of projects before and what always ends up happening is that we do not get the new system we are promised; we get a modified version of the old system.Pugh: Well, I can assure you that will not happen this time. We just want a thorough understanding of what is working well and what is not.Meyer: I would feel much more comfortable if we first started with a list of our requirements. We should spend some time up front determining exactly what we want the system to do for my department. Then, you systems people can come in and determine what portions to…arrow_forwardConsider the following dialogue between a system professional, Jim Festin, and a manager of adepartment targeted for a new information system, Charles Puno:Festin: The way to go about the analysis is to first examine the old system, such as reviewing keydocuments and observing the workers perform their tasks. Then we can determine which aspects areworking well and which should be preserved.Puno: We have been through these types of projects before and what always ends up happening isthat we do not get the new system we are promised; we get a modified version of the old system.Festin: Well, I can assure you that will not happen this time. We just want a thorough understanding ofwhat is working well and what is not.Puno: I would feel much more comfortable if we first started with a list of our requirements. We shouldspend some time up-front determining exactly what we want the system to do for my department. Thenyou systems people can come in and determine what portions to salvage if you…arrow_forwardAs the client support supervisor for FarFar construction, you noticed that some site workers are clocking on for friends who are not present. Discuss controls you could implement to address this concern.arrow_forward
- ABC company thinks that implementing good internal control is not that important. Your job is to convince the management team to implement it. What would be your advice?arrow_forwardA very famous proverb in management is that “Control over resources means control over organization”. The organization become successful when there should be a flawless ____________ which will make it sure that resources are utilized effectively and efficiently. a. Internal control system b. Internal audit procedure c. Internal and external review system d. None of the options Clear my choicearrow_forwardShare your internal control example. What is an internal control you have witnessed? Maybe at work, as a customer, etc.arrow_forward
- The ABC Company is switching from its legacy centralizedsystem to a fully distributed system. Underthe new model, all employees will work from PCsconnected to a local area network. a. Outline a plan of action to ensure that the propercontrols over hardware, software, data, people,procedures, and documentation are in place.b. Discuss any risks the company may face if thedevised plan is not implemented.arrow_forwardMatch 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.arrow_forwardWhen ,___________________________ managers mobilize people to carry out plans and run routineoperations.arrow_forward
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