Michael and Michelle are partners in M & M Consulting, a firm that specializes in technology-related issues for accounting information systems. They are currently working with a large publicly-traded corporation to implement XBRL for financial reporting to the SEC. The partners are illustrating XBRL to the client's board of directors using a purchase order as an example.
-The basic purposes of internal control are: safeguarding assets, ensuring financial statement reliability, promoting operational efficiency and encouraging compliance with management's directives. Assume the client implements XBRL. Suggest one XBRL-related internal control that will help address each of the four basic purposes. Do not use the same control more than once.

Question

Quizplus · Accepted Answer

The Answer of Michael and Michelle are partners in M & M Consulting, a firm that specializes in technology-related issues for accounting information systems. They are currently working with a large publicly-traded corporation to implement XBRL for financial reporting to the SEC. The partners are illustrating XBRL to the client's board of directors using a purchase order as an example.
-The basic purposes of internal control are: safeguarding assets, ensuring financial statement reliability, promoting operational efficiency and encouraging compliance with management's directives. Assume the client implements XBRL. Suggest one XBRL-related internal control that will help address each of the four basic purposes. Do not use the same control more than once.

Michael and Michelle Are Partners in M & M Consulting