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Describe the five elements of accounting internal control

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Describe the five elements of accounting internal control. Choose the one and provide example.

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Solution Summary

Five elements described and two examples given.

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Five elements:

1. Control environment (ethical policies, attitude and practices of management)
2. Risk assessment (finding and reducing risk of internal activities)
3. Control procedures (ensuring that procedures minimize risk of fraud or error)
4. Monitoring (review of activities to detect signals that might be fraud or error)
5. Information and ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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