Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Textbook Question
Chapter 7, Problem 4DQ
Provide five examples of potential conflict between the control goals of ensuring effectiveness of operations and of ensuring efficient employment of resources.
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Describe in detail with relevant examples about the limitations of internal control and Explain about five components of internal control
Which of the following is not one of the elements of a good system of internal control?
a.Control environment
b.Analysis of control procedures
c.Information and communication
d.Risk assessment
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)?
Chapter 7 Solutions
Accounting Information Systems
Ch. 7 - Describe organizational governance.Ch. 7 - Prob. 2RQCh. 7 - Describe the eight elements of ERM.Ch. 7 - Describe and compare risks and opportunities.Ch. 7 - Prob. 5RQCh. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - What is COSO?Ch. 7 - Prob. 9RQCh. 7 - Prob. 10RQ
Ch. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Prob. 19RQCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Provide five examples of potential conflict...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 1SPCh. 7 - Match the concept in List 1 with the definition or...Ch. 7 - Match the concept in List 1 with the definition or...Ch. 7 - Prob. 4SPCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 6P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Refer to Exhibit 3.2. List the principles representing the fundamental concepts of the control environment component.arrow_forwardWhich of the following is not one of the components of internal control according to the framework? a. Monitoring Activities b. Control Activities c. Planning Activities d. Risk Assessmentarrow_forwardContrast the four decision types—strategic planning, tactical planning, management control, and operational control—by the five decision characteristics—time frame, scope, level of details, recurrence, and certainty.arrow_forward
- Which of the following is not a component of internalcontrol?a. Environmental assessmentb. Control activitiesc. Information and communicationd. Monitoring activitiesarrow_forwardWhat are the three internal control objectives?arrow_forward_____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. Control procedures Risk assessment activities Information and communication activities Risk monitoring proceduresarrow_forward
- Which of the following statements best describes the phrase, “evaluating the design of a control”? Group of answer choices A. Considering whether the control, individually or in combination with other controls, is capable of effectively preventing, or detecting and correcting, material misstatements. B. Expressing an opinion as to the effectiveness of a control. C. Observing the application of specific controls. D. Determining whether the control exists and that the entity is using it.arrow_forward1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…arrow_forwardInternal controls are perhaps the most important tools for managing operational risk. What are internal controls? Give three examples of internal controls and explain how each control is used to minimize operational risk.arrow_forward
- (a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?arrow_forwardWhich 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_forwardWhich of the following is not part of the control process?a) Monitoring of actual activityb) Comparing of actual with planned activityc) Investigatingd) Developing a strategic plane) Taking corrective actionarrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License