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A comprehensive overview of internal control principles and components, as defined by coso. It explores the relationship between internal control and audit procedures, highlighting the importance of understanding internal control for auditors. The document also delves into the benefits and risks of it on internal control, and outlines the 17 principles underlying the five components of internal control. It includes detailed explanations and examples, making it a valuable resource for students studying accounting and auditing.
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Internal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making.
entity's activities; information availability and willingness/ability to act on information; extent to which difficult questions are raised and pursued with management; and nature and extent of interactions with internal and external auditors.
Monitoring of Controls correct answer: 16) The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of IC are present and functioning.