Do Homework - Hayle Sanford-Google Chrome ? Secure l https://www.maths.com/Stude

Question

Do Homework - Hayle Sanford-Google Chrome ? Secure l https://www.maths.com/Student/PlayerHomework.aspx?homeworkId:485657955 PRIN of ACCT 1 (60) SUM18 (Coates) Homework: Chapter 8 Homework Score: 0 of 14 pts E8-16 (book/static) Match the following terms with their definitions. (Use each definition only once.) (Consider the following definitions.) 1. Internal control 2. Control procedures 3. Firewalls 4. Encryption 5. Environment 6. Information system 7. Separation of duties 8. Collusion 9. Documents 10. Audits 11. Operational efficiency 12. Risk assessment 13. Sarbanes-Oxley Act Choose from any drop-down list and then click Check Answer All parts showing O Type here to search

Explanation / Answer

1. Internal Control: j The organisational plan and all related measures that safeguard assets encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting data.

Internal control is a process for assuring achievement of an organisation's objective in operational effectiveness and efficiency, reliabile financial reporting and compliance with laws, regulations and policies.

2.Control Procedure:k. Component of internal control that helps ensure business goals are achieved.

Control procedures are procedures designed to ensure all employees perform their duties ethically and honestly.

3. Firewalls : e.Limited access to local network

Firewall is a wall created to protect a system from unauthorised access.

4.Encryption : l.Rearranges data by mathematical process

Encryption aloows encoding of messages so that only people who are authorised to receive the message have access to it.

5.Environment: m.To establish one, a company's CEO and top managers must behave honorable to set a good example for employees.

Work environment is a place of work. It includes geographical location as well as immediate surrondings.

6. Information system: i.Without a sufficient one of these, information cannot properly be gathered and summarized.

Information system is a organised syste for collection, organistaion, storage and communicatio for information.

7. Separation of duties: Example: f. The person who opens the bank statement should not also be the person who is reconciling cash.

Separation of duties means havinf more than one person for completion of a task. It is intended as an internal control to avoid fraud and error.

8. Collusion: a. Two or more people working together to overcome internal controls.

9. Documents: d.Should be pre-numbered to prevent theft and inefficiency.

10. Audits : h.Examination of a company's financial statements and accounting system by a trained accounting professional.

Audits give an assurance that company's financial statements are presented in a true and fair manner.

11. Operational Efficiency:b. Part of internal control that ensures resources are not wasted.

Operational efficiency means the capacity of the company to deliver products or services in an cost effiective manner while maintaining high quality standards

12. Risk Assessment : g.Identification of uncertainties that may arise due to a company's products, services, or operations.

Risk assessment is a careful examination of qualitative or quantitative estimate of risk.

13. Sarbanes-Oxley Act: c.Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports.

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.