Who is responsible for internal controls within an organization quizlet?
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a. Selection. - unqualified decision makers or inadequate information Show b. Availability. - hardware, software failure, unschedule maintenance, disasters, virus, hack c. Access. - personal devices, unsecured networks, lack of unauthentication d. Confidentiality and privacy.- open access to networks, software,hardware & databases Control Environment. Control environment sets the tone of the organization, which influences the control consciousness of its people. This foundation provides discipline and structure upon which all other components of internal control are built. The control environment includes integrity and ethical behavior of the people, their commitment to competence, the board of directors and audit committee participation, management's philosophy and operating style, organization
structure, assignment of authority and responsibility, and human resource policies and practices. Control Activities. Control activities are the policies and procedures the organization uses to ensure that necessary actions are taken to minimize risks associated with achieving its objectives. Controls have various objectives and may be applied at various organizational and functional levels. Information system. The information system consists of the methods and records used to record, maintain, and report the events of an entity, as well as to maintain accountability for the related assets, liabilities, and equity. The quality of the system-generated information affects management's ability to make appropriate decisions in managing and controlling the entity's activities and to prepare reliable financial reports. Monitoring. Monitoring is the process of assessing the quality of internal control performance over time. This is extremely important as most organizations are constantly changing their operations to meet new demands in the market place and capitalize on new opportunities. Monitoring involves assessing the design and operation of controls on a timely basis and taking corrective actions as needed. Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Operations Management: Sustainability and Supply Chain Management12th EditionBarry Render, Chuck Munson, Jay Heizer 1,698 solutions
 Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Operations Management: Sustainability and Supply Chain Management12th EditionBarry Render, Chuck Munson, Jay Heizer 1,698 solutions Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Operations Management: Sustainability and Supply Chain Management12th EditionBarry Render, Chuck Munson, Jay Heizer 1,698 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Who is responsible for internal controls within an organization?Management is responsible for establishing internal controls. In order to maintain effective internal controls, management should: Maintain adequate policies and procedures; Communicate these policies and procedures; and.
Who maintains internal control?Management Responsibility: Administrative management is responsible for maintaining an adequate system of internal control. Management is responsible for communicating the expectations and duties of staff as part of a control environment.
Who has final responsibility for internal controls?Although ultimate responsibility for good internal control rests with management, all employees have a role in the effective operation of internal control that has been set by management. Understanding of internal control can be enhanced by focusing on two basic aspects of internal control: objectives and techniques.
Who has final responsibility for internal controls quizlet?the management responsibility is to establish and maintain the entity's internal control. they are required by the section 404 to publicly report on the operating effectiveness of those controls.
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