Explain the Seven Generally Accepted Objectives of Internal Control Activities

question 34

Essay

Explain the seven generally accepted objectives of internal control activities and identify the relevant assertions.

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Definitions:

Logistics

The detailed coordination of a complex operation involving people, facilities, or supplies, in the movement of goods from point of origin to point of consumption.

Buyer and Supplier

The relationship between entities that purchase goods or services and those that supply or provide them.

Reverse Logistics

The process of moving goods from their typical final destination for the purpose of capturing value, or proper disposal.

Communication

The process of transferring information, ideas, emotions, skills, and knowledge from one entity to another through various means.