4 types of control activities in Internal control

FEI stands for

These are the specific actions established through policies and procedures that help ensure that management's directives to mitigate risks to the achievement of objectives are carried out.

He said that "what we do to ensure that the things we want to happen will happen and the things that we don't want to happen won't happen"

It is a process consisting of policies and control procedures to assess financial statement risk and provide reasonable assurance that a company prepares reliable financial statements.

An accounting staff reviews and reconciles cash, A/R inventory and other accounts. If there are any discrepancies, it should he corrected on a timely basi. A person who conduct bank reconciliation should not have an access to cash. Inventory must be performed periodically in order to determine shortage or possible inventory pillferage.

It is essential because internal control that is effective today may no longer be effective months or a year from now.

It is an iterative process of identifying and assessing of those risks that may prevent the achievement of enterprise objectives

It is a set of standards, processes, and structures that provide the basis for carrying out internal control. Without this, internal control will not function properly.

IIA stands for

Seperation of the functions of transaction authorization, record-keeping and custody

TRUE OR FALSE. Present means the five components exist in the design and implementation of the system of internal control to achieve business objectives. Meanwhile, functioning means that the components continue to exist andare being implemented over time.

TRUE OR FALSE. The five components must operate individually.

Activities that assure the physical security of assets and records

It is necessary for the entity to carry out internal control responsibilities to support achievement on its objectives

It is a process not an isolated procedure. It is a comprised of an interrelated sets of policies, procedures and activities that work togther for the achievement of business objectives.

The compliance department is usually headed by a _____.

What are the 2 types of Monitoring activities?

What are the 3 pillars of ESG?

It is the continual, iterative process of providing, sharing and obtaining necessary information.

When does the COSO Internal control framework was revised to reflect changes in the business, operating, regulatory and economic environment?

Limitation of internal control includes;

To enhance the adherence to laws and regulations a complince form must be established within the company.

What are the component of internal control?

AAA stands for

IMA stands for

Information is disseminated throughout the organization, flowing up, down and across the entity

It enables inbound communication of relevant external information and provides information to external parties in response to requirements and expectations

It is Layman's term for "what we do to ensure that the things we want to happen will happen and the things that we don't want to happen won't happen"

When was COSO published the original internal control framework?

AICPA stands for

TRUE OR FALSE. Each of the five components must not be present and functioning.

Control that check accuracy, completeness and authorization of transactions.

Management obtains, generates and uses relevant and quality information from both internal and external sources to support the functioning of internal control

The comparison of actual performance against budgets and forecasts.

Managers and employees have effectively carried out operations when revenue and operating cash flow targets are achieved. Efficient operations on the otehr hand, is achieved when the company is able to minimize operating costs and avoid operational inefficiencies