Raintree, CPA, is conducting a training session for you, a staff auditor, regarding the control environment....

Free

60.1K

Verified Solution

Question

Accounting

Raintree, CPA, is conducting a training session for you, a staffauditor, regarding the control environment. For each of the factorsin the table below, identify the appropriate internal controlcomponent by doubleclicking on the shaded cell and selecting theappropriate component from the list provided.
Factor
Component
1. Authorization of transaction
2. Participation of those charged with governance
3. Internal audit function
4. Assignment of authority, responsibility, andaccountability
5. Adoption of new accounting principles
6. Proper presentation of transactions and relateddisclosures
7. New personnel
8. Segregation of duties
9. Human resource policies and practices
10. Incorporation of new technology
11. Prenumbering of documents
12. Measurement and recording of proper monetary values
13. The way in which significant events are captured by theaccounting system
14. Operating performance reviews
15. Corporate restructuring
Components( Control enviroment, Risk assesment,Information and communication systems, monitoring and existingcontrol activities)

Answer & Explanation Solved by verified expert

4.1 Ratings (468 Votes)

Factor	Component
1. Authorization of transaction	existing control activities
2. Participation of those charged with governance	Control enviroment
3. Internal audit function	monitoring
4. Assignment of authority, responsibility, and accountability	Control enviroment
5. Adoption of new accounting principles	monitoring
6. Proper presentation of transactions and related disclosures	Information and communication systems
7. New personnel	monitoring
8. Segregation of duties	existing control activities
9. Human resource policies and practices	Control enviroment
10. Incorporation of new technology	Risk assesment
11. Prenumbering of documents	existing control activities
12. Measurement and recording of proper monetary values	Control enviroment
13. The way in which significant events are captured by the accounting system	existing control activities
14. Operating performance reviews	existing control activities
15. Corporate restructuring	Control enviroment

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Raintree, CPA, is conducting a training session for you, a staffauditor, regarding the control environment. For each of the factorsin the table below, identify the appropriate internal controlcomponent by doubleclicking on the shaded cell and selecting theappropriate component from the list provided.FactorComponent1. Authorization of transaction2. Participation of those charged with governance3. Internal audit function4. Assignment of authority, responsibility, andaccountability5. Adoption of new accounting principles6. Proper presentation of transactions and relateddisclosures7. New personnel8. Segregation of duties9. Human resource policies and practices10. Incorporation of new technology11. Prenumbering of documents12. Measurement and recording of proper monetary values13. The way in which significant events are captured by theaccounting system14. Operating performance reviews15. Corporate restructuringComponents( Control enviroment, Risk assesment,Information and communication systems, monitoring and existingcontrol activities)

Factor	Component
1. Authorization of transaction
2. Participation of those charged with governance
3. Internal audit function
4. Assignment of authority, responsibility, andaccountability
5. Adoption of new accounting principles
6. Proper presentation of transactions and relateddisclosures
7. New personnel
8. Segregation of duties
9. Human resource policies and practices
10. Incorporation of new technology
11. Prenumbering of documents
12. Measurement and recording of proper monetary values
13. The way in which significant events are captured by theaccounting system
14. Operating performance reviews
15. Corporate restructuring