Question: Internal control is made up of five different components that are interrelated. Select from the option list provided which of the five components is being
Internal control is made up of five different components that are interrelated. Select from the option list provided which of the five components is being described for each of the following. Each choice may be used once, more than once, or not at all.
tableStatementComponenttable Employees who receive payments fromcustomers do not record the payments in thereceipts ledger.tableControl activitiestable The quarterly review made by the internalaudit committee.tableMonitoringtable High demand for new products encouragesmanagement to move into a new factory.Risk assessment,table Storing customer receipts in a safe untildeposited at the bank.tableControl activitiestable The software system used to recordpurchases made by the company.tableIn mation and communication systems Training procedures for new employees., Control environment,table The hiring of a new CEO with a verydifferent management style. Control environment,table A zero tolerance policy that calls for thetermination of anyone acting unethically.tableControl environment
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
