Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
C213 " Accounting for Decision Makers Competency: 3014.1.2 Internal ControlsTopic: Internal ControlsDefinitions1.Errors- result when unintentional mistakes are made in recording transactions, posting transactions, summarizing accounts, and so forth.2.Disagreement- result when different people arrive at different conclusions based on the same set of facts.3.Frauds- result of intentional errors. Fraudulent financial reporting occurs when management chooses to intentionally manipulate the financial statements to service around.4.Control environment- consists of the actions, policies, and procedures that reflect the overall attitudes of top management, the directors, and the owners about control and its importance to the company.5.Control activities- Control activities or control procedures are those policies and procedures, in addition to the control environment and accounting system.Questions1.What are the various elements of an internal control system?Authorization"authorizing and a
Typology: Lecture notes
1 / 4