An Entity's Internal Controls Consist of Five Interrelated Components (Plus

question 68

Short Answer

An entity's internal controls consist of five interrelated components (plus an overriding concern with fraud prevention and detection):A:control environment
B:risk assessment
C:information and communication
D:control activities
E:monitoring
REQUIRED: Using the appropriate letter, identify the component to which each of the following control activities or considerations pertains.
1.Performance reviews
2.Commitment to competence
3.System should provide a complete audit or transaction trail
4.Integrity and ethical values
5.Access controls
6.Changes in operating environment
7.Board of directors and audit committee
8.Segregation of duties
9.Organizational structure
10.Reporting exceptions for follow-up
11.Management's philosophy and operating style
12.Internal audit function
13.Physical controls
14.New accounting pronouncements
15.Assignment of authority and responsibility
16.Human resource policies and procedures
17.Organization and operation control
18.Input controls
19.Data and procedural controls
20.Processing controls

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Definitions:

Acupuncture

The practice of inserting needles into various areas of the body to restore balance in the body’s energy flow.

Electronic Health Records (EHRs)

Digital versions of patients' paper charts, containing comprehensive health information from a lifetime, accessible to authorized healthcare providers.

Professional Association

An organization seeking to further the interests of individuals engaged in a specific profession, promoting standards and advocacy.

Family Practice Physician

a doctor who provides comprehensive health care for individuals and families across all ages, genders, diseases, and parts of the body.