Question 1

Internal Control Principles One of the COSO principles of internal control requires organizations to demonstrate a commitment to attract,develop,and retain competent individuals in alignment with objectives.Discuss how this can be done.

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Question 2

Entity-Wide and Transaction Controls
Distinguish between entity-wide controls and transaction controls. Provide at least three examples of each type.
Entity-wide controls operate across an entity and affect multiple processes,
transactions, accounts, and assertions. Some examples of entity-wide controls include:
Controls related to the control environment
Controls over management override
The organization’s risk assessment process
Centralized processing and controls
Controls to monitor results of operations
Controls to monitor other controls
Controls over the period-end financial reporting process
Policies that address significant business control and risk management practices

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Distinguish between entity-wide controls...

Question 3

Internal control components and principles For each of the five components of internal control,list at least two related principles of internal control.n gathering the information and briefly describe each one.

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Question 4

IT Controls Integrated into Internal Control Evaluations Explain input controls.

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Question 5

Integrated audit Explain the application of an integrated audit as it relates to regulation.Discuss the reasons that this integrated approach may occur.

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Question 6

Management Evaluation of Internal Controls What are the steps in management's evaluation of internal control over financial reporting?

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Question 7

Internal Control Principles Identify and briefly describe the two principles that should govern the monitoring function.

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Quiz 3: Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditor