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. What assertion could the control have been addressing (ie. safeguarding)?

e. How could an auditor test the control?

Expert Solution

note: if you have any doubts you can comment me in the comment box. if you are satisfied with the answer hit the like button.

ekkarill92 answered 2 years ago

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....

The following internal controls were identified by the auditor while gaining an understanding of internal control...

The following internal controls were identified by the auditor while gaining an understanding of internal control for the sales cycle. Access to the customer master file is restricted to authorized personnel. Customers are added to the master file only after appropriate approval, including adequate background and credit checks. Sales are made only to approved customers. The computer system rejects orders if the customer number is invalid or the order exceeds the customer’s approved credit limit. The computer matches the products...

Describe internal controls, why we have them and give an example of three internal control procedures.

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.

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

Question 7: Understanding & Testing Internal Controls You are the manager on the audit of Pix...

Question 7: Understanding & Testing Internal Controls You are the manager on the audit of Pix Ltd for the year ended 30 September 2016. You are briefing your team to ensure that they have a proper understanding of the work to be done before they start. Required: a) Briefly explain the importance of internal controls to both the entity and the auditor? b) Briefly explain any three limitations of internal controls? c) Briefly explain how an ‘Integrated Test Facility’ is...

critically discuss characteristics of service, illustrate your understanding by relevant example

Briefly explain, and illustrate using an example, your understanding of the term “business intelligence.”

Part 2: Describe physical controls, independent internal verification, and human resource controls. For each internal control...

Part 2: Describe physical controls, independent internal verification, and human resource controls. For each internal control principle, explain what weaknesses are being prevented for the company.

Question

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

Solutions

Expert Solution

Related Solutions

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...

The following internal controls were identified by the auditor while gaining an understanding of internal control...

Describe internal controls, why we have them and give an example of three internal control procedures.

Defining internal control Internal controls

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

Question 7: Understanding & Testing Internal Controls You are the manager on the audit of Pix...

critically discuss characteristics of service, illustrate your understanding by relevant example

Briefly explain, and illustrate using an example, your understanding of the term “business intelligence.”

Part 2: Describe physical controls, independent internal verification, and human resource controls. For each internal control...