College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7A, Problem 1SEA
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Describe the components of internal control framework.
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1. Explain the term internal controls.
2. Explain two (2) major objectives of a system of internal control.
3.Explain briefly SIX (6) major categories of internal control.
List at least five control measures per control activity principle (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, and Human Resource Controls) that an organization may implement to establish internal control procedures.
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 activities
Chapter 7A Solutions
College Accounting, Chapters 1-27
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- 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.arrow_forwardWhat 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 3.2. List the principles representing the fundamental concepts of the control environment component.arrow_forward
- The control environment is seen as the foundation for all other components of internal control. (T/F)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_forwardfast plz Internal controls are grouped into the following categories: Efficient operations, financial analysis, and compliance Efficient operations, financial analysis, and management reporting. Effective operations, financial reporting, and compliance. Production and operations, financial reporting, and management reportingarrow_forward
- What element of internal control would include the setting of "tone at the top"? a.control environment b.risk assessment c.monitoring d.control activitiesarrow_forwardDecribe the role that each of the following areas has in the establishment, maintenance, and evaluation of internal control. 1. Mnangement 2. External auditor 3. Internalarrow_forwardDescribe the four organization objective categories in the internal control framework. How are they related to the ERM components of internal control?arrow_forward
- 19 Which one of the following activities is a part of internal control system? a. Internal check b. Other control measures c. Internal audit d. All of the optionsarrow_forwardIn which element of Internal Control are personnel policies included: Control Procedures Control Environment O Risk Assessmenet Information and Communication O Monitoringarrow_forwardInternal control consists of the actions taken by people at every level of an organization to achieve its objectives relating to operations, reporting, and compliance. True or False True Falsearrow_forward
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