Internal Control Activities

Please choose the most appropriate answer for each sentence.
  • 1

    Control activities are the policies and procedures that help ensure management ..... are carried out.

  • 2

    Control activities occur throughout the organization, at all levels and in all functions, and include a range of activities as ..... as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets and segregation of duties.

  • 3

    ..... information must be identified, captured and communicated in a form and time frame that enable people to carry out their responsibilities.

  • 4

    Information systems produce reports containing operational, financial and compliance-..... information that make it possible to run and control the business.

  • 5

    They deal not only with internally generated data, but also information about external events, activities and conditions necessary to ..... business decision-making and external reporting.

  • 6

    Internal control systems need to be monitored - a process that assesses the quality of the system's performance ..... time.

  • 7

    Internal control deficiencies should be reported ....., with serious matters reported to top management and the board.

  • 8

    There is synergy and linkage among these components, forming an integrated system that reacts dynamically to changing conditions; the internal control system is ..... with the entity's operating activities.

  • 9

    Internal control is most effective when controls are built into the entity's infrastructure and are a part of the ..... of the enterprise.

  • 10

    In sum, internal control can help an entity get to where it wants to go, and avoid ..... and surprises along the way.

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