For each scenario, identify the Component of Internal Control involved: Management places a poster that reads Do
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Question:
For each scenario, identify the Component of Internal Control involved:
- Management places a poster that reads “Do not transact business with a FIXER”.
- Creation of Sub-Audit Committee mostly consisting of external executives.
- Requiring every office to submit a comparative report between actual and budgeted expenses.
- Creation of Grievance Committee or Selection and Promotion Board.
- Requiring all government employees to submit a statement of assets, liabilities and net worth every April of the current year.
- Review of impact of the computerized collections system to operation.
- Limit access to data center to only authorized individuals only.
- Review of three (3) failed attempts made by system’s users.
- Requiring authorization for the use of the system after office hour or during weekends.
- System developers are not permitted as users of the system.
- Dissemination of newly approved policies related to management of new computer viruses.
- Assigning of limit of authority in signing of checks
- Reporting of unsuccessful attempts to steal company’s information to external authorities.
- Requiring cashier to take forced vacation.
- Review whether audit recommendations to noted audit observations were implemented and functioning.
- Communicate office undesirable practices to concerned management committee.
- Providing on the spot promotion. (or monthly recognition for Meritorious Achievement)
- Conduct of threats and vulnerabilities assessment.
- Distribution of audit report to concerned company’s official
- Providing orientation seminar to new recruits.
- Business Continuity and backup.
- Reporting Deficiencies
Related Book For
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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