THE INTERNAL CONTROL SYSTEM The internal control system includes all the strategies‚ policies and procedures adopted or instituted by the management of an entity to assist in their objective achieving as far as practicable‚ the orderly and efficient conduct of the business and includes adherence and compliance to management policies and applicable laws and regulations; the safeguarding of assets; the prevention and detection of fraud and error‚ the accuracy‚ reliability and completeness of the accounting
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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In Anne-Marie Slaughter’s “Why Women Still Can’t Have It All‚” she addresses how society’s stigma on the workplace and inflexible‚ hefty workloads keep women from having their dream life. She explains how the extensive hours at her job took away from her time spent in her teenage boys’ lives. Slaughter highlights on the decisions that women have to make more so than their male counterparts and on the perceived notion that choosing parenthood over work is for the faint of heart. With recent debate
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seems to be a lack of information portrayed to them pertaining the safety measures that should be taken when insight of a shooting or appearance of a gun. This can be overcome by the simple solution of educating the children and adolescents in their own schools. This solution is better for the students because the school environment is a safe one and the best place to learn about issues like this‚ these environments also help discuss the negative effects of guns and this issue should be addressed because
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quote is important because Ishmael Beah is still haunted by nightmares of his time fighting the war. I chose this because it is important to know that his new life is unfamiliar to him. “Things changed rapidly in a matter of seconds and no one had any control over anything. We had yet to learn these things and implement survival tactics‚ which was what it came down to” (29). This quote is important because Beah knows that the rebels have forced him and others to resort to survival tactics. I chose
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How many times have you heard that? No smoking laws are against our constitutional rights. There are many pamphlets and warnings out there telling you not to smoke. But why? Have you ever thought of that? It is your choice if you want to smoke and many new studies have shown that certain chemicals in cigarettes and tobacco are good for you! The harmful things and cigarettes are not harmful in small amounts. I believe that cigarettes and the people who smoke them have gotten a bad reputation. Many
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MATRIC NO: 2012439484 CLASS: AC220 4D Title: Why househusband is not good? Attention Grabbing: Show some picture or video. Purposes choose this topic: To give information and create awareness why being a househusband is not good. Justification: I think the audience will like this topic because I think not many people know about this topic yet. So I take this opportunity to present to them and let them know why being a househusband is not good. Introduction: Househusband is a husband that
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Walmart and Why It is Good for American Business “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer...” Adam Smith. Wal-Mart is a producer who has the sole purpose of promoting consumption of the consumer. Wal-Mart and its quest for capital improvement are playing a major and vital role in the evolution of economic life. Wal-Mart brings positive
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EXECUTIVE SUMMARY This paper will evaluates the role of information technology and how it affects internal audit process in banking industry. The study will also stresses on how IT affects internal control (control environment‚ risk assessment‚ control activities‚ information and communication and monitoring) and provides guidelines and best practices in evaluating techniques available to effectively perform auditing tasks internally. It will addresses how technology‚ Information system (IS) and
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Internal Control Risks Identified in Apollo Shoes Assessing control risk is the process of evaluating the design and operating effectiveness of a company’s internal controls as to how it prevents or detects material misstatements in the financial statement assertions of management (Hayes‚ Dassen‚ Schilder‚ & Wallage‚ 2005). The conclusion reached as a result of assessing control risk is referred to as the assessed level of control risk. When assessing controls the auditor looks for weaknesses
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