how do internal controls relate to business? identify an internal control you have observed in the...

how do internal controls relate to business?

identify an internal control you have observed in the business either in your current job or as a customer of a organization what is the internal control purpose

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ekkarill92 answered 7 months ago

Identify the principles of internal control. Explain the use of cash and internal controls to prevent...

Identify the principles of internal control. Explain the use of cash and internal controls to prevent fraud. Explain why corporations invest in stocks and debt securities. Describe how debt and stock investments are reported in financial statements. Evaluate the effects of unusual or irregular items on financial statements.

Defining internal control Internal controls

Question Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records.Requirements1. Which objective do you think is most important?2. Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.

1. Explain what “internal controls” are and how they relate to the audit. What effect do...

1. Explain what “internal controls” are and how they relate to the audit. What effect do internal controls have on the job of the independentauditor?Your answer should discuss the relationship between internal controls and the financial statements. In answering your questions, consider whether good internal controls contribute to the accuracy of financial statements. On the other hand, explore the possibility that financial statements can be accurate even if internal controls are poor. You may give an example of an internal...

Why are internal controls important in an organization? Describe some internal controls that relate to cash...

Why are internal controls important in an organization? Describe some internal controls that relate to cash receipts and cash disbursements. Please answer in your own words. Do not use outside resources.

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d....

Question: How does the Sarbanes-Oxley Act relate to internal controls?

how to identify detective internal controls risk with cash receipt and cash payment through the business...

how to identify detective internal controls risk with cash receipt and cash payment through the business JB HI-FI

Match the terms as they relate to internal control and/or auditor reporting on internal control with...

Match the terms as they relate to internal control and/or auditor reporting on internal control with the best description. Replies may be used more than once. List of terms: Adverse opinion As of date Complementary control Control Deficiency Detective control Material weakness None of the options apply Preventive Control Section 302 of the Sarbanes Oxley Act Significant deficiency 1. A control deficiency that allows more than a remote possibility of material misstatement 2. A control deficiency that allows more than...

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how do internal controls relate to business? identify an internal control you have observed in the...

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Identify the principles of internal control. Explain the use of cash and internal controls to prevent...

Defining internal control Internal controls

1. Explain what “internal controls” are and how they relate to the audit. What effect do...

Why are internal controls important in an organization? Describe some internal controls that relate to cash...

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Illustrate your understanding of internal controls by providing an example of a control you have personally...

Question: How does the Sarbanes-Oxley Act relate to internal controls?

how to identify detective internal controls risk with cash receipt and cash payment through the business...

Match the terms as they relate to internal control and/or auditor reporting on internal control with...