Solved

In the Spaces Provided, Write the Letter of the Definition

Question 99

Matching

In the spaces provided, write the letter of the definition for each of the following terms.

Premises:

Responses:

Physical safeguards

The actions, policies, and procedures that reflect the overall attitudes of top management about control and its importance to the entity

Independent checks

Members of a company's board of directors who are responsible for dealing with the external and internal auditors

Internal control structure

A strategy to provide an internal check on performance through separation of authorization of transactions, separation of operational responsibilities, and separation of custody of assets

Control activities

Safeguards in the form of policies and procedures established to provide management with reasonable assurance that the objectives of an entity will be achieved

Preventative controls

Procedures for continual internal verification of other controls

Audit committee

Internal control activities that are designed to detect the occurrence of error and fraud

Control environment

Physical precautions used to protect assets and records

Segregation of duties

The lines of authority and responsibility within a company

Detective controls

Internal control activities that are designed to prevent the occurrence of errors and fraud

Organizational structure

Policies and procedures used by management to meet their needs

Premises:

Physical safeguards

Independent checks

Internal control structure

Control activities

Preventative controls

Audit committee

Control environment

Segregation of duties

Detective controls

Organizational structure

Responses:

The actions, policies, and procedures that reflect the overall attitudes of top management about control and its importance to the entity

Members of a company's board of directors who are responsible for dealing with the external and internal auditors

A strategy to provide an internal check on performance through separation of authorization of transactions, separation of operational responsibilities, and separation of custody of assets

Safeguards in the form of policies and procedures established to provide management with reasonable assurance that the objectives of an entity will be achieved

Procedures for continual internal verification of other controls

Internal control activities that are designed to detect the occurrence of error and fraud

Physical precautions used to protect assets and records

The lines of authority and responsibility within a company

Internal control activities that are designed to prevent the occurrence of errors and fraud

Policies and procedures used by management to meet their needs

Correct Answer:

Premises:

Responses:

Physical safeguards

Independent checks

Internal control structure

Control activities

Preventative controls

Audit committee

Control environment

Segregation of duties

Detective controls

Organizational structure