It refers to all the policies and procedures adopted by the management of an entity to assist in achieving management's objective of ensuring, as far as practicable, the orderly and efficient conduct of its business.

• External Control

• Rules and Regulations

• Internal Control System

• Government Policies

This are the people who perform and execute the established policies and procedures.

• Human Resources

• Employees

• Board of Directors

• Auditors

The purpose of internal control is to provide absolute assurance that an organization will achieve its objective of reliable financial reporting.

• True

• False

GUESS THE GIBBERISH:

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Which of the following scenarios represents a control deficiency?

• Missing control that is required for achieving objectives.

• Control that provides reasonable, but not absolute assurance,

• A control that operates as designed

• An immaterial individual misstatement in internal

Only organizations in high-risk industries face a risk that they will not achieve their objective of reliable financial reporting.

• True

• False

An organization's risk assessment process should identify risks to reliable financial reporting from both internal and external sources.

• True

• False

Inventories may be kept in a storeroom, or negotiable instruments may be placed in safe deposit box. What kind of control activity is this about?

• Access to Assets

• Segregation of duties

• Independent check on performance

• Adequate documents and records

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GUESS THE GIBERISH:

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