Why are internal controls important to an organization?
Question:
Why are internal controls important to an organization?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
ANSWER Internal controls are crucial to an organization for several reasons as they play a fundamental role in promoting effective and efficient operations safeguarding assets ensuring the reliability ...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9781118878415
1st Extended Canadian Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
Question Posted:
Students also viewed these Business questions
-
Donald R. Cressey, a noted criminologist, is mostly credited with coming up with the concept of a Fraud Triangle. Albrecht points out that, while researching his doctoral thesis in the 1950s, Cressey...
-
One of the fundamental changes that occurred upon passage of the Sarbanes-Oxley Act of 2002 is that the audit profession is no longer allowed to be self-regulatory. Now, the Public Company Accounting...
-
Discuss the concept of internal controls and what it means to the accounting profession. Why are internal controls important to the integrity of an organization's financial reporting? What is the...
-
If the demand during review cycle is equal to 12, the demand during lead time is 11, and the safety stock is equal to 8, what is the order point? What is the EOQ of an item with a project annual...
-
What two flowchart symbols are used exclusively in the study of paper work?
-
A light atom rotating around a heavy atom to which it is bonded is described by a wavefunction of the form ()=e im with 02 and m an integer. Show that the m=+1 and m=+2 wavefunctions are orthogonal.
-
An immersion heater operating at \(1000 \mathrm{~W}\) is in the form of a rectangular solid with dimensions of \(16 \mathrm{~cm}\) by \(10 \mathrm{~cm}\) by \(1 \mathrm{~cm}\). Determine the heat...
-
This problem continues Problem 8. Use the Access_Practice.accdb database that you have been working on to complete the following tasks. a. Go to the Relationships screen and connect the five tables,...
-
Alexandra bought a 7-year bond at a 7.50% discount to its par value of $1,000 three years ago. The bond has a 4.70% coupon rate payable semiannually. What was her effective annual rate of return if...
-
Why are internal controls important to an auditor?
-
What are the seven generally accepted objectives of internal controls as related to the recording of transactions?
-
Should legal problems be anticipated? Why and why not?
-
describe the field of space research and the topic to analyze in the case use of satellites with all explanation
-
First, you will read several articles and review other multimedia pieces that offer real-world solutions to your selected topic. Start with the collections of stories (and videos) from SolutionsU...
-
Andrew has been tasked to lead a committee group made up of representatives from different departments in an organization. As someone trained in group work, Andrew understands the importance of...
-
Safety must always be considered a high priority when working on 'Common Rail' fuel systems. Why? Some electronic diesel fuel injectors work on high voltage. They can produce around 120 - 150 volts...
-
What factors did Tocqueville think accounted for the United States being a democracy?
-
Culture is pervasive in all marketing activities. Discuss.
-
(a) Explain why the concentration of dissolved oxygen in freshwater is an important indicator of the quality of the water. (b) How is the solubility of oxygen in water affected by increasing...
-
Ana used 0.5-5 percent of gross profit in determining materiality of $70,000 in her audit of XYZ Inc., a company that builds replacement engines for tractors and combines. She used the $70,000 amount...
-
Ana used 0.5-5 percent of gross profit in determining materiality of $70,000 in her audit of XYZ Inc., a company that builds replacement engines for tractors and combines. She used the $70,000 amount...
-
Claytonhill Beverages Ltd. is 100 percent owned by Buzz Bottling. While the company has in the past been profitable, it incurred a loss for the year ended December 31, 2012. The parent company, Buzz...
-
A data professional uses a spreadsheet to track the total purchases made by each member of the company's procurement department. What spreadsheet tool can they use to change how the cells appear when...
-
How do authors utilize symbolic motifs and allegorical representations to convey abstract concepts and philosophical themes within their literary works ?
-
"I AM MEDIA LITERATE!" The purpose of this paper is to critically examine a specific media product, and create an argument based on your analysis. Here are several approaches to this (these are just...
Study smarter with the SolutionInn App