Question: What does Internal Control means? Then explain its two main frameworks.

What does Internal Control means? Then explain its two main frameworks.

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Internal Control Internal control refers to the system of processes policies and procedures implemented within an organization to ensure the achievement of its objectives safeguard its assets maintain ... View full answer

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!

Please help with the discusin questions ! I give thumbs up Case #1: Hailing a New Era: Haier in Japan As one of the most valuable brands in China, Haier designs,manufactures, and sells various home...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Q1 What does Internal Control means? Then explain its two main frameworks. Q2 Explain the reasons of hacking? Discuss why has hacking increased in recent years? Give your opinion on hacking. Q3...

1. What is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing. 2. Explain what internal control means and explain how internal control...

1.What is the Committee of Sponsoring Organizations (COSO)?Summarize its history and explain why it is relevant to auditing. 2.Explain what internal control means and explain how internal control...

2. Explain what internal control means and explain how internal control relates to auditing. 3. Discuss the types of internal controls and explain how each is important to the auditing process. 4....

Explain what internal control means and explain how internal control relates to auditing.

Could you please explain what internal control means and explain how internal control relates to auditing??

Find the Laplace Transform of the periodic function f(x) = [5 for 0

Let W= and v = 3 9 5 V2 = 3 V3 = 6 -5 -18 a) Find a value of c so that we (v, V2, V3). b) Determine if the vectors v1, U2, U3 are linearly independent. c) Add a vector v4 to the previous list so that...

Samsung invested $ 4 4 , 1 0 9 million to expand its manufacturing capacity. Assume that these assets have a 1 0 - year life and generate net cash flows of $ 7 , 0 0 0 million per year, and that...

An antelope moving with constant acceleration covers the distance between two points 70.0 m apart in 7.00 s. Its speed as it passes the second point is 15.0 m/s. (a) What is its speed at the first...

In an experiment, a shearwater (a seabird) was taken from its nest, flown 5150 km away, and released. The bird found its way back to its nest 13.5 days after release. If we place the origin in the...

NPV and Collection time your firm has an average receipt size of $95. A ban has approached you concerning a lockbox service that will decrease your total collection time by two days. You typically...

The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee. The lessee assumes responsibility for all executory costs, which are...

Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is 150 roubles per kilogram. (Siberia...

Consuming a brand can be a way of constructing ones identity.true or false

You are auditing Northeastern Food Wholesalers (NFW). NFW purchases a full line of various grocery products and sells them to independent grocery stores in six Northeastern states. NFW has one...

Analysis and evaluation: Identify the control deficiencies in the payroll process for The Vane Corporation. Recommend the changes necessary to improve the control structure. Arrange your answer in...

Explain eight steps that an auditor follows when understanding internal controls at the transaction level and developing an audit strategy.

From the list below, select the characteristics that describe a good economic model. a. Includes every detail of a given situation. b. Predicts that A causes B. c. Makes approximately accurate...

What is the difference between disagreeing about a positive statement and disagreeing about a normative statement?

Determine whether each of the following questionable statements is best explained by correlation without causation, an omitted variable, or reverse causation. a. In cities that have more police,...