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3 Nov 2018

Why do we need internal control in an organization?What is its purpose, and what are its objectives (not components)?Can you explain with examples?

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Jamar Ferry
Jamar FerryLv2
3 Nov 2018

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Related questions

Describe what internal controls are, why they are important, andhow they can be implemented.

Identify at least one internal control; describe what the intentis and how an organization can perform an audit to make sure thatthe controls are properly leveraged.

An auditor is required to obtain sufficient understanding of each component of a company's internal control system to plan the audit of a company’s financial statements, and to assess and evaluate the control risk for assertions that are part of the account balance, transaction class and disclosure components of the financial statements.

Required:

(a) What are management’s incentives for establishing and maintaining a strong internal control system? Identify and explain the auditor’s main concerns with an internal control system. (4 marks)

(b) Briefly discuss the five components of internal control. (5 marks)

(c) Discuss three tools commonly used by auditors to document their understanding of a company’s internal control system. Identify and explain the relative strengths and weaknesses of each tool. (6 marks)

1. Which ofthe following would not be reported upon in theSchedule of findings and Questioned Costs?

a. Significant deficiencies in internal control

b. Materialnoncompliance with provisions of laws, regulations, contracts, orgrant agreements

c. Material examples of inefficiency and ineffectiveness in carryingout federally funded programs

d. Federallyreimbursed expenditures that are not adequately documented

2. Therequirement for a report on compliance and internal control overfinancial reporting is set forth in the

a. AICPA's Professional Standards

b. GAO'sGovernment Auditing Standards

c. Single Audit Act

d. OMBCircular A-133

PLeeeese answer this in your own words this is on here ahundred times plagerised

What is the Single Audit Act? Your answer should address atleast the following questions. What is its purpose? How does itaffect audits of entities that receive federal financialassistance? How do its requirements differ from AICPA auditrequirements?

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