Question: The most widely accepted internal control framework in the United States contains the following five components. Describe each of them. 1. Control environment 2. Risk

The most widely accepted internal control framework in the United States contains the following five components. Describe each of them.

1. Control environment

2. Risk assessment

3. Control activities

4. Information and communication system

5. Monitoring processes


Step by Step Solution

★★★★★

3.40 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 The control environment is the policies procedures and attitudes of ... View full answer

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

Document Format (1 attachment)

Word file Icon

73-B-A-C-R (527).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

To produce "green" power from sunlight, solar tower systems can be used. As illustrated in Fig. 3. movable mirrors (heliostats) are used to focus sunlight to a tower in which the working fluid is...

Q:

The most widely accepted theory of foreign exchange rate determination is purchasing power parity, yet it has proven to quit poor at forecasting future spot exchange rates. Why?

Q:

What is the most widely accepted biometric authorization technology? Why?

Q:

Please respond to the following questions: Define what is meant by internal control. Distinguish among the major components of a client s internal control: the control environment, risk assessment,...

Q:

Please respond to the following questions: Define what is meant by internal control. Distinguish among the major components of a client s internal control: the control environment, risk assessment,...

Q:

Part 1 of 1 - Topic 6, 7, 8 & 9 Question 1 of 2 1.0 Points (51 Marks) TOPICS 6, 7,8 & 9 Pumps (Pty) Ltd manufactures of water pumps. You are the senior manager internal audit responsible for...

Q:

Match the following control frameworks with their main purposes. Purposes Control Frameworks i. COSO 2013 ii. COSO ERM Expand internal controls to provide a broader view on risk management to...

Q:

Part 1 of 1 - Topic 6, 7, 8 & 9 Question 1 of 2 1.0 Points (51 Marks) TOPICS 6, 7, 8 & 9 Pumps (Pty) Ltd manufactures of water pumps. You are the senior manager internal audit responsible for...

Q:

The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal control. Match the following principles with the five components. COSO...

Q:

The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal control. Match the following principles with the five components. A. v...

Q:

A hammer manufacturer, Asgard Industries, has 3 divisions: Loki, which processes heavy steel; Odin, which molds extra heavy-duty hammer heads; and Thor, which manufactures fasteners and attaches...

Q:

a restaurant has a capacity of 84 patrons. If the restaurant is 5/12 full, how many patrons are at the restaurant? a restaurant has a capacity of 84 patrons. If the restaurant is 5/12 full, how many...

Q:

The degree of total leverage can be used to measure the relationship between: Sales and EBIT EBIT and EPS PAT and EPS Sales and EPS

Q:

Ken is 6 3 years old and unmarried. He retired at age 5 5 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...

Q:

Please Help ASAP!! Thanks Consolidation Working Paper, Three years after acquisition International Technology Inc. (ITI) acquired all of the voting stock of Global Outsourcing Corporation (GOC) on...

Q:

The production manager at a factory manufacturing four types of light fittings (A, B, C and D) on an automated machine is fixing the schedule for the next week on this machine. HEIJUNKA SCHEDULING OF...

Q:

Donna Geary started an interior design company called Interiors by Donna, Inc., on April 1, 2018. The following amounts summarize the financial position of her business on April 14, 2018, after the...

Q:

Cost of goods sold Selected financial data for Amberjack Corporation follows. Sales Year 2 ($ thousands) 465,381 347,324 Year 1 ($ thousands) 277,161 255,211 Net income (161,064) (404,109) Cash flow...

Q:

Risk-averse individuals have a concave value function for prospective gains and a convex value function for prospective losses. Indicate whether each statement is true or false, and justify your...

Q:

Complete the followingtable: Temporary or Permanent Category Account Purchases Purchases Returns and Allowances Purchases Discount

Q:

Match the following to the three business transactions (more than one number can be used). 1. Recorded to the accounts payable subsidiary ledger. 2. Recorded to the general journal. 3. Posted to the...

Q:

Match the following to the three business transactions (more than one number can be used). 1. Recorded to the accounts payable subsidiary ledger. 2. Recorded to the general journal. 3. Posted to the...

Q:

Please answer 5. Suppose that a null hypothesis is, in fact, true. And suppose that a Type I error was made in a hypothesis test. What was the decision that was made? [Circle your answer.] (3 pts)...

Q:

#Computer Architecture and Organization Convert the following numbers into binary numbers and preform the operations. Show all your working? a) 107 10 + (- 2 10 ) b) 133 10 - 90 10 c) 11 10 x 5 10...

Q:

A division of a large corporation is considering the purchase of a new tunneling X-ray microscope for $370,125. The projected net benefits from gains in materials engineering is projected to be...