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P7-25A Internal control, components, procedures, and laws

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P7-25A Internal control, components, procedures, and laws [20–25 min]

1. Internal control
2. Control procedures
3. Firewalls
4. Encryption
5. Control environment
6. Information system
7. Separation of duties
8. Monitoring of controls
9. Documents
10. Audits
11. Operational efficiency
12. Risk assessment
13. Sarbanes-Oxley Act

A. What internal and external auditors do.
B. Part of internal control that ensures resources are not wasted.
C. Law passed by congress to address public concerns following the Enron and WorldCom scandals.
D. Should be pre-numbered to prevent theft and inefficiency.
E. Limits access to a local network.
F. Example: The person who opens the bank statement should not also be the person who is
reconciling cash.
G. Identification of uncertainties that may arise due to a company’s products, services, or operations.
H. May be internal and external.
I. Without a sufficient one of these, information cannot properly be gathered and summarized.
J. The organizational plan and all the related measures that safeguard assets, encourage employees
to follow company policy, promote operational efficiency, and insure accurate and reliable
accounting data.
K. Component of internal control that helps ensure business goals are achieved.
L. Rearranges data by a mathematical process.
M. To establish one, a company’s owner/CEO and top managers must behave honorably to set a
good example for employees.

1. Match the terms with their definitions

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