Select all that applyWhich of the following are principles of internal control?Multiple select question.Maintain adequate records.Divide responsibility for related transactions.Reduce vendor payables.Increase revenues.Perform regular and independent reviews.Establish responsibilities.

Choose the most appropriate examples of the internal control principle, segregation of duties, from the below:Group of answer choicesassigning responsibility to the CEO for implementing strategy and assigning responsibility to the Human Resources Manager for all staff hires.verification by an internal auditor and checking done by another employee covering for an employee who is on annual leave.purchase of goods and the authorisation of payment for those goods are done by different employees in the organisation.having different documents for different functions in an organisation which contain evidence of transactions.

Select all that applyEach of the following are types of technological impacts related to internal control:Multiple select question.reduced processing errorsmaintaining adequate recordsmore extensive testing of recordsseparation of dutiesestablish responsibilitiesnew evidence of processing

Internal control is defined, in part, as a plan that... Question 3Answera.enhances the accuracy and reliability of accounting recordsb.all of the other options are correctc.eliminates mistakes and errorsd.prevents robbery and theft

Which of the following statements about internal control is correct?Select one:a.Exceptionally strong control allows the auditor to eliminate substantive tests.b.The cost-benefit relationship should be considered in designing internal control.c.Properly maintained internal controls reasonably assure that collusion among employees cannot occur.d.Establishing and maintaining internal control is the internal auditor's responsibility.

Select all that applyWhich of the following are components of internal control?Multiple select question.MonitoringRisk assessmentControl environmentAccounting standardsControl activities