a.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: The importance of internal control in an organization.
b.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: The way in which internal control help in achieving reliable financial reporting.
c.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: The need for external auditors to be aware of internal control over financial reporting of its client.
d.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: Internal control over financial reporting and its components.
e.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: Segregation of duties comes under which type of control and the risk it tries to reduce.
f.
Introduction: Internal control is an important part of every organization. It helps in maintaining the efficiency of the management. It is a policy used by the management to avoid fraudulent behavior and increasing accountability in the organization.
To state: The control activities C company would have implemented in order to prevent the fraud.
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Auditing: A Risk Based-Approach (MindTap Course List)
- Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond ones means D. lack of an internal audit functionarrow_forwardInternal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. C. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.arrow_forwarda. Internal controls play an important role in reducing the risks of fraudulent activities in any organization. Further, advanced technology helps accountants in reducing fraud. Explain how an advanced technology transaction processing system reduces fraudulent activitiesfrom any organizing.b) Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment.----------------------------------------------------------------------------------------arrow_forward
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