Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 6DQ
What are the six key principals of internal controls and how do they protect the company’s financial resources?
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a) What is internal control?
b) Identify the components of COSO’s Enterprise Risk Management.
NB: answer question a & b in details
What types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?
What types of controls are in place to protect data (such as company information or customer personal information)?
Choose one more internal control principle from this module, and explain how the company implements that principle and the purpose?
Explain how general controls impact transaction integrity and the financial reporting process.
Chapter 4 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 4 - Define committed costs and provide two examples of...Ch. 4 - Why is labor seldom a committed cost?Ch. 4 - Prob. 3DQCh. 4 - What are overbillings and how do they occur?Ch. 4 - Prob. 5DQCh. 4 - What are the six key principals of internal...Ch. 4 - What should you look for in a construction...Ch. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10P
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- Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.arrow_forwardWhich of the following are affected by the quality of an organization’s internal controls? a. Reliability of financial data. b. Ability of management to make informed business decisions. c. Ability of the organization to remain ¡n business. d. All of the above. e. Only a and c.arrow_forwardRefer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?arrow_forward
- Which of the following is not considered to be part of the internal control structure of a company? A. Ensure that assets are kept secure. B. Monitor operations of the organization to ensure maximum efficiency. C. Publish accurate financial statements on a regular basis. D. Ensure assets are properly used.arrow_forwardwrite about the implementation of systrust (integrity,security,availability,privacy and confidentiality) as an internal control system and its impact on the financial reporting and business preformancearrow_forwardWhy do companies need internal control?arrow_forward
- What types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?arrow_forwardExplain how business ethics relate to internal control.arrow_forwardIdentify each of the following as a (a) purpose of an internal control system, (b) principle of internalcontrol,or (c) limitation of internal control. Uphold company policiesarrow_forward
- How does the enterprise risk management influence the internal control detective identified?arrow_forwardWho is responsible for overseeing corporate activities?arrow_forward5. What is the relationship between the internal control system and risk management with corporate governance? How can internal control system enhance a company’s corporate governance?arrow_forward
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Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License