Match Seven of the Nine Terms (A-I) with the Seven

question 29

Essay

Match seven of the nine terms (a-i) with the seven definitions provided below (1-7):
a. control environment
b. control activities
c. independent checks on performance
d. internal control
e. monitoring
f. separation of duties
g. general authorisation
h. specific authorisation
i. risk assessment

1. management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operating as intended and modified when needed
2. company-wide policies for the approval of all transactions within stated limits
3. the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about control and its importance to the entity
4. segregation of the following activities in an organisation: custody of assets, accounting, authorisation, and operational responsibility
5. management's identification and analysis of risks relevant to the preparation of financial statements in accordance with applicable accounting standards
6. policies and procedures that help ensure necessary actions are taken to address risks in the achievement of the entity's objective
7. a process designed to provide reasonable assurance regarding the achievement of management's objectives in the following categories: (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with applicable laws and regulations

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Definitions:

High-context Cultures

Societies or groups where communication is often indirect, and understanding depends heavily on context, non-verbal cues, and shared backgrounds.

Contracts

Legally binding agreements between two or more parties.

Individualism Versus Collectivism

A cultural dimension that reflects the degree to which people in a society are integrated into groups or expected to be independent and self-reliant.

Individual Freedoms

Rights and liberties that allow individuals to express themselves, make choices, and pursue their interests without undue interference.