Question

What actions are available to you regarding your planned reliance on the internal controls? Explain the pros and cons of each action.

Answer 1

Key Internal Control Activities

• Segregation of Duties. Duties are divided among different employees to reduce the risk of error or inappropriate actions. ...
• Authorization and Approval. ...
• Reconciliation and Review. ...
• Physical Security.

The five components of the internal controlframework are control environment, risk assessment, control activities, information and communication, and monitoring. Management and employees must show integrity

Types of Internal Controls

• Separation of duties.
• Pre-approval of actions and transactions (such as a Travel Authorization)
• Access controls (such as passwords and Gatorlink authentication)
• Physical control over assets (i.e. locks on doors or a safe for cash/checks)

What is a pros and cons list? A pros and cons list is a chart that helps you make a decision. On the prosside of the list, you add all of the positive outcomes of a decision. On the cons side, you add all of the adverse outcomes.

When used as nouns, advantage means any condition, circumstance, opportunity or means, particularly favorable to success, or to any desired end, whereas pro means an advantage of something, especially when contrasted with itsdisadvantages (cons).

Prosand cons, a shortening of the Latin expression "pro et contra" (for and against) may refer to: Pros and Cons (TV series), a television series that aired from 1991 to 1992.

The pros and cons of something are its advantagesand disadvantages, which you consider carefully so that you can make a sensible decision. Motherhood has both its pros and cons. Collins!