Purchase Solution

Describe how the five components of internal control are rel

Not what you're looking for?

Ask Custom Question

Describe how the five components of internal control are related. Select one of the five components and assume you have an issue with this area; how do you detect the issue and prevent it from reocurring? If there is an issue in one of the area, might it be a standalone issue?

Purchase this Solution
Solution Summary

Describe how the five components of internal control are related. Select one of the five components and assume you have an issue with this area; how do you detect the issue and prevent it from reocurring? If there is an issue in one of the area, might it be a standalone issue?

Solution Preview

Describe how the five components of internal control are related. Select one of the five components and assume you have an issue with this area; how do you detect the issue and prevent it from reocurring? If there is an issue in one of the area, might it be a standalone issue?

Solution:

Describe how the five components of internal control are related.

The five components of internal control include:
1. The control environment
2. Risk Assessment
3. Control Activities
4. Information & Communication
5. Monitoring

Each component is specifically related to each of the other components. The control environment sets the tone for the entire organization. If the control environment is strong, the control activities will be strong. If the control environment is weak, the control activities will either be weak or non-existent. It is not likely that you would have an effective set of control activities with a weak control environment.

The risk assessment directly identifies the vulnerable, or weak ...

Purchase this Solution
Free BrainMass Quizzes
Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Motivation

This tests some key elements of major motivation theories.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

View More Free Quizzes
Related BrainMass Solutions

  • Auditing: COSO Internal Control-Integrated Framework

    Objective: Define the components of internal control and describe how an entity's internal controls affect the planning and performance of the audit or assurance service.

  • Buiness Management

    List and define five components of emotional intelligence. Evaluate your current or former manager on each of the five components of emotional intelligence.

  • Diff between sufficient understanding & reliable evidence

    Monitoring (ways of finding out if the controls are working) http://www.dummies.com/how-to/content/how-to-identify-the-five-components-of-internal-co.html Sufficient UNDERSTANDING is about comprehension of the controls.

  • Components of Internal Control

    358009 COSO: Five components of the Internal Control Framework The internal control framework developed by COSO includes five so-called 'components' of internal control. What are these components? What do they mean to auditors?

  • Internal Controls in Accounting

    How to Identify the Five Components of Internal Controls.

  • Committee of Sponsoring Organizations

    2)Identify and describe one of the inherent limitations of internal control. 3)Identify and describe one of the six components of internal control. 4)What is the control environment?

  • Auditing: Analytical procedures, assessing internal control

    http://www.dummies.com/how-to/content/how-to-identify-the-five-components-of-internal-co.html   10-32 (Components of internal control) Internal controls can be categorized using the following framework.

  • Benefits from assessing their internal control procedures

    The solution first lists the components and objectives of a system of internal control. Next those components are assessed in specific terms of safeguarding cash. It took 506 words to get all that written down.

  • 320402 IBM's Report of Management: Describe components of IBM's internal control structure IBM's Report of Management: Describe components of IBM's internal control structure 1.

View More Related Solutions