Explain the following: a. Concept of internal controls b. Objectives of internal controls c. Major components...

Explain the following:

a. Concept of internal controls

b. Objectives of internal controls

c. Major components of internal controls and key factors of each component

d. Limitations of internal controls

e. Preventive, detective, and corrective controls

f. Methods to document the understanding of internal controls and their advantages and disadvantages

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Here is the ans of internal control concept . Objective of internal control , limitations and advantage and disadvantage of internal control .....

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P4-51B. (Learning Objectives 2, 4: Explain the objectives and components of internal control; evaluate internal controls)...

P4-51B. (Learning Objectives 2, 4: Explain the objectives and components of internal control; evaluate internal controls) Each of the following situations reveals an internal control weakness: Situation a. In evaluating the internal control over cash payments of Arlington Manufacturing, an auditor learns that the purchasing agent is responsible for purchasing diamonds for use in the company’s manufacturing process, approving the invoices for payment, and signing the checks. No supervisor reviews the purchasing agent’s work. Situation b. Kelly Hixson owns an...

Discuss the five components of the COSO Framework for Internal Controls and explain why each of...

Discuss the five components of the COSO Framework for Internal Controls and explain why each of these components is important. Use the COSO framework updated in 2013 instead of the version in the textbook,

Define Internal controls and describe the five components of a good internal control system.

1. A) Explain the meaning of the term internal controls. B) Give an example of an...

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Explain Internal Controls and Corporate Governance.

Controls cannot provide absolute assurance. Describe some of the major limitations of internal control and explain...

Controls cannot provide absolute assurance. Describe some of the major limitations of internal control and explain how they diminish the reliability of internal controls.

a. Provide examples of two internal controls. b. Why do they work? c. How could they...

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Explain the following COSO framework components: a. internal environment

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Question 14 pts The five components to a system of internal controls include all of the...

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11-24 (Objectives 11-3 , 11-4) The following are internal controls related to various cycles. 1. Sales invoices are matched with shipping documents by the computer system and an exception report is generated. 2. Receiving reports are prenumbered and accounted for on a daily basis. 3. Sales invoices are independently verified before being sent to customers. 4. Payments by check are received in the mail by the receptionist, who lists the checks and restrictively endorses them. 5. Labor hours for payroll...

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