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Match Seven of the Terms (A-I)with the Definitions Provided Below

Question 104

Short Answer

Match seven of the terms (a-i)with the definitions provided below (1-7):
a.Control environment
b.Control activities
c.Independent checks on performance
d.Internal control
e.Monitoring
f.Separation of duties
g.General authorization
h.Specific authorization
i.Risk assessment
________ 1.Management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and are modified when needed.
________ 2.Company-wide policies for the approval of all transactions within stated limits.
________ 3.The actions,policies,and procedures that reflect the overall attitudes of top management,directors,and owners of an entity about internal control and its importance to the entity.
________ 4.Segregation of the following activities in an organization:
custody of assets,accounting,authorization,and operational responsibility.
________ 5.Management's identification and analysis of risks relevant to the preparation of financial statements in accordance with an applicable accounting framework.
________ 6.Policies and procedures that help ensure that necessary actions are taken to address risks in the achievement of the entity's objectives.
________ 7.A process designed to provide reasonable assurance regarding the achievement of management's objectives in the following categories:
(1)reliability of financial reporting,(2)effectiveness and efficiency of operations,and (3)compliance with applicable laws and regulations.

Correct Answer:

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