an element of internal control is quizlet?
230674
A single employee is responsible for the collecting and recording of cash. An element of internal control is: risk assessment. ... A special cash fund used to make small payments that occur frequently is called a(n): petty cash fund.
207655
Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
994001
An internal audit is a check that is conducted at specific times, whereas Internal Control is responsible for checks that are on-going to make sure operational efficiency and effectiveness are achieved through the control of risks.
746898
A compliance audit gauges how well an organization adheres to rules and regulations, standards, and even internal bylaws and codes of conduct. Part of an audit may also review the effectiveness of an organization's internal controls. ... For example, accounting may use internal, compliance, and operational audits.
668086
An internal threat refers to the risk of somebody from the inside of a company who could exploit a system in a way to cause damage or steal data. These kinds of threats are particularly troubling, as employees are expected to be trusted individuals that are granted extended privileges, which can easily be abused.
1469833
The internal organisation of a business is the way in which it is structured to carry out its various activities. A lot of attention needs to be given to structure. ... A manufacturing company, may need a structure based on different production lines.
1149884
According to William Reckless's control theory, people have two control systems to keep them from acting outside society's norms: inner and outer controls. Inner controls are internalized thought processes such as conscience. Outer controls include people who influence us.
1421873
['Accuracy. Effective controls generate accurate data and information. ... ', 'Flexibility. An active control system should be highly flexible. ... ', 'Objectivity. In all organizations, managers make major decisions based on the results of the control systems. ... ', 'Economics. ... ', 'Timeliness. ... ', 'Corrective actions. ... ', 'Acceptability.']
519815
['Element 1: Standards, Policies and Procedures (a Code of Conduct) ... ', 'Element 2: Compliance Program Administration.', 'Element 3: Communication, Education and Training. ... ', 'Element 4: Monitoring and Auditing and Risk Assessment. ... ', 'Element 5: Internal Reporting System.']
752077
Financial controls play an important role in ensuring the accuracy of reporting, eliminating fraud and protecting the organization's resources, both physical and intangible. These internal control procedures reduce process variation, leading to more predictable outcomes.
909443
Organization structure in international business. ... Organization Structure  Organization is defined by the formal structure, coordination and control systems, and the organization culture.  It's the formal arrangement of roles, responsibilities and relationships within an organization.
760009
The constitution of an organization contains the fundamental principles which govern its operation. The bylaws establish the specific rules of guidance by which the group is to function. All but the most informal groups should have their basic structure and methods of operation in writing.
808560
Internal quality control monitors the daily precision and accuracy of methodologies, personnel, and instruments. External quality control maintains long term accuracy. Some key benefits of participation in a proficiency program include: ... Increased confidence in the accuracy of the laboratory's testing results.
1410964
Inherent Limitations on Internal Control. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the benefits of controls must be considered relative to their costs.
1033774
Internal Audit will complement the work they perform based on an agreed plan. Operational – Operational audits focus on the review and assessment of a business process. ... Compliance – Compliance audits review the level of compliance with internal policies or external regulatory requirements.
95279
The Duties of an Internal Auditor Objectively assess a company's IT and/or business processes. Assess the company's risks and the efficacy of its risk management efforts. Ensure that the organization is complying with relevant laws and statutes. Evaluate internal control and make recommendations on how to improve.
1471429
Merits and Demerits of Budgetary Control Merits: Budgetary control establishes a basis for internal audit by regularly evaluating. g departmental results. By reporting information which has not gone according to plan, it economises on managerial time and maximises efficiency.