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Chapter 2 Internal Control
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- 1What is value cycle?Value cycle is a model that enables visualization of SOD and helps to describe the relationship between positions and evnets in org.
- 2Explain SODSOD is based on the creation of oppposed interests between employees and departments.
- 3What i duties are segreagted according to SOD?Authorization;
Custody;
Recording:
Checking.
Execution - 4Explain authorization.Auth can commit org to the third parties, Auth func always has the authority to make decisions independently. In value cycle all ellipses represent auth function
- 5Explain custody.Custody is charged with safeguarding goods, moent etc. Custody should not surrender or take delivery of these resources unless an auth function has authorized to him to do so.
- 6Explain recordingRecords data related to purchases, sales, receipts and cash disbursement in data collections.
- 7Explain checkingThe checking function checks realiztion of plans to norms established to that end
- 8Explain execution.Execution executes tasks assigned by an authorization function.
- 9Explain difference between direct and indirect checks.Direct checks are applied to processes, indirec checks are applied to outcomes of processes
- 10Explain formal check.Formal checks establishes correspondence between procedures and recordings of information.
- 11Expalin material check.Establishing the correspondence between actual positions and events and the recording of or information on those positions and events.
- 12What check is establishing a manager's signature.Formal check
- 13Explain negative and positive checks.Negative checks establishes the completeness of a recording, whereas a positive check establishes the validity of a recording.
- 14What is policy control?Policy control evaluate quality of decisions regardign the long-term strategy of the organization.
- 15Explain expectations control.Exp.control verify the realism of expectations and prognoses that underlie the policies
- 16What is efficiency control?Evaluates the optimization of operations in terms of adequate cost control vs adeuate realization of objectives.
- 17What are programmed controls?By means of programmed procedures, programmed controls establish deviations from standards and norms.
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