nternal controls are one of the most essential elements within any organization. Internal controls are put in place to enable organizations to achieve their goals and missions. Management is responsible for the design, implementation, and maintenance of all internal controls, with the Board responsible for the overall oversight of the control environment.

Strong internal controls allow for organizations to achieve three main objectives. These three objectives are: accurate and reliable financial reporting, compliance with laws and regulations, and effectiveness and efficiency of the organizations operations. In order to achieve these objectives an internal control framework needs to be applied and followed throughout the organization.

Question 16

Not yet answered

Marked out of 1.00

Flag question

Question text

Control activities are :

a.

Policies and procedures that client management has established to meet its objectives for financial reporting.

b.

Policies and procedures that client management has established to meet its objectives for market growth.

c.

Policies and procedures that client management has established to meet its objectives for internal controls.

d.

Policies and procedures that client management has established to meet its objectives for economic reporting.

Clear my choice

Question 17

Not yet answered

Marked out of 1.00

Flag question

Question text

To maintain internal audit independence, the Internal Audit department should report to :

a.

The production manager or the board of directors

b.

The audit committee or the shareholders

c.

The audit committee or the head of sales

d.

The audit committee or the board of directors

Clear my choice

Question 18

Not yet answered

Marked out of 1.00

Flag question

Question text

Information and comminucation details the :

a.

The information system, including the related business processes, relevant to ethical reporting and communication.

b.

The information system, including the related business processes, relevant to financial reporting and communication.

c.

The information system, including the related business processes, relevant to tax reporting and communication.

d.

The information system, including the related business processes, relevant to enviornmental reporting and communication.

Clear my choice

Question 19

Not yet answered

Marked out of 1.00

Flag question

Question text

Select the best answer for Internal audit related larger companies:

a.

For many companies, especially larger ones,an internal audit department is not essential for effective monitoring.

b.

For many companies, especially larger ones,an internal audit department is essential for effective monitoring.

c.

For many companies, especially larger ones,an internal audit department is not productive for effective monitoring.

d.

For many companies, especially larger ones,an internal audit department is optional for effective monitoring.

Clear my choice

Question 20

Not yet answered

Marked out of 1.00

Flag question

Question text

The International Financial Reporting Standards (IFRS) hold management in an organization accountable for :

a.

Financial reporting to ensure financial reporting is easy to understand.

b.

Financial reporting to ensure financial reporting is complete.

c.

Financial reporting to ensure financial reporting is accurate and timely.

d.

Financial reporting to ensure financial reporting is cost effective.