Question: What is internal control? Discuss.

What is internal control? Discuss.

Step by Step Solution

★★★★★

3.48 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To conclude we can say that the internal control is the ... 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

907-B-A-L (6321).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

What is an internal control system? Discuss the principles involved in establishing a good internal control system. Discuss also the limitations of internal control systems.

Q:

Discuss recommendations to strengthen the Sensormatic's internal control system for the prevention of financial statement fraud. Make logical and realistic recommendations to the company management...

Q:

Discuss the internal control weaknesses in the expenditure cycle flowchart for Problem 7. Structure your answer in terms of the control activities within the SAS 78/COSO control model.

Q:

1. The internal control framework developed by COSO includes five so-called "components" of internal control. Discuss each of these five component. 2. What is the purpose of performing "tests of...

Q:

Financial Reporting on the Internet (Zamil industrial) Access the Zamil industrial annual report at below web page: Welcome to Zamil Industrial then download the Zamil industrial Annual report 2019...

Q:

Financial Reporting on the Internet (Zamil industrial) Access the Zamil industrial annual report at below web page: Welcome to Zamil Industrial then download the Zamil industrial Annual report 2019...

Q:

DQ1. Using the definition of Internal Control, discuss what you understand by the term 'Internal Control.' What are management's and internal auditor's responsibilities concerning internal controls?...

Q:

List 4 of the 8 assertions auditors use to consider transactions, account balances, and presentation/disclosure when conducting an audit. Define each of the four you list, and give an example of the...

Q:

Internal control system includes a set of rules, policies, and procedures an organization implements to provide direction, increase efficiency and strengthen adherence to policies. To achieve the...

Q:

1. Using the definition of Internal Control, discuss what is understood by the term Internal Control. What are managements and internal auditors responsibilities with respect to internal controls?...

Q:

To this day by Shane Koyzcan What is interesting and powerful about this poem?

Q:

Let us assume that the following orders are present on the market (opening auction) for XXX stock: Bid quantity 0 3000 2000 3000 5000 Bid / Ask Price 15.8 16 16.1 15.9 15.7 Ask Quantity 2000 3000...

Q:

Suppose a country taxes an individual $5500 on earnings of $55,000 a year and charges another person $1500 on earnings of $15,000 a year. Explain what type of tax system the country uses.

Q:

If a sample of n = 25 scores is selected from a normal population with = 80 and = 10, then what sample means form the boundaries that separate the middle 95% of all sample means from the extreme 5%...

Q:

Western Bank & Trust purchased land and a building for the lump sum of $3,000,000. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the...

Q:

Western Bank & Trust purchased land and a building for the lump sum of $3,000,000. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the...

Q:

Jim Reed manages a fleet of utility trucks for a rural county government. Hes been in his job 30 years, and he knows where the angles are. He makes sure that when new trucks are purchased, the...

Q:

. What is the function of a flip - flop in digital circuits? a ) It generates clock signals b ) It converts analog signals to digital signals c ) It stores a single bit of data d ) It performs...

Q:

Compute the cost of not taking the following cash discounts.(Use a 360-day year. Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places. A pawnshop will...

Q:

In an effort to inform political leaders and economists discussing the deregulation of electric and gas utilities, data on eight numerical variables from utility companies have been grouped using...