10) Identify each of the following examples as an element of internal control.
Examples
Element of
Internal Control
Security measures, proper authorization channels, and restricted access to assets.
Leadership philosophy and operating style provides a positive foundation.
Risks are analyzed and reduced as they occur.
Management communicates to all employees the seriousness of internal control.
Two or more employees can circumvent controls.
Internal control is an ongoing activity.
11) Identify the element of internal control in the below chart.
Element
Description
Which element of internal control deals with the oversight of the internal control system?
Which element of internal control deals with establishing procedures for things such as handling incoming cheques?
Which element of internal control deals with the establishment of a company's policies?
Which element of internal control deals with a company having large amounts of cash on hand?
Which element of internal control deals with establishing a hierarchy to let all management and employees know what is going on in a company?
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