What are the five components of internal control

Assignment Help Accounting Basics

Reference no: EM13123349

1. How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?

2. What is acceptable audit risk? What is it effect on evidence accumulation?

3. What are the five components of internal control in the COSO internal control framework?

4. The separation of operational responsibility from record keeping is meant to prevent different types of misstatements than the separation of custody of assets from accounting. What is the difference in the purpose of these two separations of duties?

Reference no: EM13123349

Questions Cloud

Compare the effects of renouncing citizenship : Decide if either of these actions is warranted in your particular case and state why you think that way.

Transactions pertaining to stock investments : Nagen Company had these transactions pertaining to stock investments:

Evaluate what is your total purchase price : You purchase 30 bonds with a coupon rate of 5 7/8 and a current market price of 89. The commission charge is $15.00 per bond. The date of the transaction is September 1, and the bond pays interest on January 1 and July 1. Evaluate what is your tot..

Find probability that time taken for customer is more : Find the probability that the time taken for a randomly chosen customer to be dealt with by a cashier is more than 180s.

What are the five components of internal control : How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?

Illustrate what journal entry would chen make : As a result of the exercise of the 24,000 rights and the issuance of the related common stock, illustrate what journal entry would Chen make?

What percent of the first chemical will have been converted : What percent of the first chemical will have been converted in 20min? In how many minutes will 60% of the first chemical have been converted?

Draw journal entries to record these events : 1,500 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $25. The member year runs from July 1 to June 30.

Determine the total deduction for the stolen items : Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowners insurance policy paid Jacob $7,000 for the stolen computer, Jacobs employer did not reimburse Jacob for any of the remainder of his loses. Jacob..

User Account

All Pages