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What is an aid in internal control over payrolls that indicates employees attendance?
An aid in internal control over payrolls that indicates employee attendance is a clock card. It can also be referred to as a time clock.
Why would unsupervised employees represent potential internal control threats?
Because they will abuse the systems an loopholes because they can.
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
What are the elements of internal control?
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
What is considered a poor internal control system?
There are a number of things that can point to a poor internal control over financial accounting. If a business has poor internal control over accounting, there is a great opportunity for its employees to commit fraud. A poor internal control system would exist if there is no proper segregation of duties - if the same person who had custody of an asset was the same person who recorded it in the financial accounting records or could authorize its disposition. It would give the person who had custody of the asset a chance to steal it and cover up the theft by making false entries in the accounting records. Or it would make it possible for an employee who had the authority to authorize and sign company checks the ability to "authorize"and sign a check written to himself. If that person also recorded checks in the company system and reconciled the bank statements (or he was in collusion with another employee who was part of the fraud), he could cover up his act for a long time. A payroll manager who had the ability both to generate *and* distribute paychecks would be able to issue extra paychecks, or paychecks to nonexistent employees (which would be cashed by the payroll manager) without being caught. A good internal control system begins at the top management level. Employees should receive a documented code of ethical conduct and understand it. There should be a culture of honesty that everyone follows, including top management. Duties should be properly segregated to prevent any opportunity for theft of company assets (including cash), and people should understand what they need someone else's approval for. Accounts should be regularly reconciled by a third party who is not part of the check-writing or collections-receiving, or recording process. There should be an internal audit function monitoring to see that the controls work as designed and that they are being followed. There should be an established mechanism for employees to report any fraud they see occurring in the workplace. And even a well-designed internal control system is no good if no one is following the required procedures. So compliance should be monitored regularly.
What are limitations of internal control?
Limitations of internal control include the potential for human error, management override, collusion among employees, limitations in the effectiveness of monitoring controls, and the cost of implementing and maintaining a strong system of controls. Awareness of these limitations is essential in designing and evaluating internal control systems.
What is internal control evaluation questionneirs?
They are handy lists of specific questions for auditors or industry employees to ask which will uncover internal control deficiencies.
What is Evaluating internal controls?
They are handy lists of specific questions for auditors or industry employees to ask which will uncover internal control deficiencies.
why would unsupervised employees or employees who report to each other-represent potential internal control threats?
There would be no real supervision and no accountability.
What is an aid in internal control over payrolls that indicates employees attendance?
An aid in internal control over payrolls that indicates employee attendance is a clock card. It can also be referred to as a time clock.
Why would unsupervised employees represent potential internal control threats?
Because they will abuse the systems an loopholes because they can.
Ways a filling station owner can be cheated assuming there is no internal control?
Misappropriation of assets. Bogus expenses and ghost employees are other ways employees can steal. Poor employee attendance verification also.
Are Collusion and cartels are unstable in the long run due to Government regulation?
In many places where the cartels are in full power, the government has no control. Collusion and cartels are not unstable because in many countries, they have overtook the central governments.
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
Why were certain beaches assigned to certain armies on d day?
This was mainly to overcome communications and control problems.This was mainly to overcome communications and control problems.
There are GAO internal control standards?
there are how many GAO internal control standards?
Which is a type of detective internal control?
Which of the following is a type of "detective" internal control
