Question: Internal control consists of processes and procedures designed to provide reasonable assurance that financial reporting was completed according to laws and regulations and therefore is

Internal control consists of processes and procedures designed to provide reasonable assurance that financial reporting was completed according to laws and regulations and therefore is accurate.

Please respond to the following in a discussion post:

Discuss the type of internal controls a business should have. Provide

3

examples of each type and explain the importance of each type of internal control.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A sociologist surveys a sample of college students to determine whether there are differences in the attitudes and behaviors of male and female students. The survey contains 20 questions. For one...

26. Internal controls are designed to provide reasonable assurance that: A. Control policies have not been circumvented through managements joint effort B. The internal auditing departments guidance...

Internal control systems include policies and procedures designed to provide reasonable assurance that the corporations objectives are being met in three areas: (a) Effectiveness and efficiency of...

Internal Control and COSO Framework- Chapter 11 Definition of System of Internal Control A system of internal control consists of policies and procedures designed to provide management with...

Role of Internal Control} Internal control systems include policies and procedures designed to provide reasonable assurance that the corporation's objectives are being met in three areas: (a)...

The financial statements of The North West Company Inc. are presented in Appendix A at the end of this book. (a) Using the statement of earnings (statement of income), answer the following questions:...

auditing TIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following is not one of the three primary objectives of effective internal...

SK LIMITED SK Group Limited was incorporated and is domiciled in Uganda as a private limited company. The company has 5 subsidiaries (all incorporated in Uganda) engaged in different activities as...

ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 521-545 American Accounting Association DOI: 10.2308/iace-50031 Breach of Data at TJX: An Instructional Case Used to Study COSO and COBIT, with...

Old MathJax webview Please check out all the photos. Need answers for both the questions ASAP! Appendix A of the question Question 1 The financial statements of The North West Company Inc. are...

A car of mass 1000 kg is parked at the top of a 50 m hill. It slips out of gear and rolls down the hill. What is the kinetic energy of the car as it passes the top of a lower hill that is 20 m high?

A mass m = 0.1 kg is hanging from a spring of unknown spring constant k. The mass?s position y is measured from the attachment point of the spring, as shown. You observe the position vs time curve...

Research on bank mergers has generally found that the acquiring bank's stock price _ _ _ _ _ _ _ _ _ _ at the time of the acquisition. Group of answer choices rises moderately. rises substantially....

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....