Internal control and cash Chapter 8 Answers

Answer to SarbanesOxley, Internal Control, and Cash Chapter 8 discusses the creation of theSarbanesOxleyAct of 2002.The act is commonly known by the acrony Chapter 8 Internal control and cash Practice Problems Practice Problem A The answer to this problem could be quite wide-ranging. One approach is to say that internal control involves managing and safeguarding assets and that managers such as Janet, should care about internal control because they are responsible for these management and. Transcribed image text: Chapter 8: Sarbanes Oxley, Internal Control, and Cash Chapter 8 discusses the creation of the Sarbanes Oxley Act of 2002. The act is commonly known by the acronym SOX. The act established the Public Companies Accounting Oversight Board. This board is sometimes known as the Peek-a-Boo which serves as what may be a very appropriate acronym

Start studying Chapter 8: Cash and Internal Controls. Learn vocabulary, terms, and more with flashcards, games, and other study tools Chapter 8. Internal Control and Cash. Questions. 1. Safeguarding assets and records is th e most fundam ental of internal control. features because the ent ity must safeguard its assets and recor ds if it is to. survive. Providing accurate, reliable information, opt imizing the use of Chapter 8 INTERNAL CONTROL and CASH. INTERNAL CONTROL. As an organization becomes more complex and acquires more employees, the owners and other stakeholders need assurance that the objectives of the organization are being carried out. Assets need to be protected and procedures need to be formalized Start studying Chapter 8 Cash, Fraud, and Internal Controls. Learn vocabulary, terms, and more with flashcards, games, and other study tools

CHAPTER 8 Fraud, Internal Control, and Cash ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems. Download. CHAPTER 8 Fraud, Internal Control, and Cash ASSIGNMENT CLASSIFICATION TABLE Brief A B Learning Objectives Questions Exercises Do It! All About You 8-5 ANSWERS TO QUESTIONS 1 8-1 CHAPTER 8 Internal Control and Cash ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Define internal control. 1 1, 2 8-4 ANSWERS TO QUESTIONS 1. Disagree. Internal control is also concerned with the safeguarding of company assets from employe 8-3 Correlation Chart between Bloom's Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Q8-5 Explain the applications of internal control principles to cash receipts 8.3 Describe Internal Controls within an Organization; 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries; 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization; 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its.

A report by management describing its responsibility for and the adequacy of internal controls over financial reporting. Term. SOX Provision. Definition. 1. Public companies must issue an internal control report, and outside auditor must evaluate the client's internal controls and report it. 2. PCAOB oversees the work of auditors of public. 8-5 Applies to publicly traded U.S. corporations. Required to maintain a system of internal control. Corporate executives and boards of directors must ensure that these controls are reliable and effective. Independent outside auditors must attest to the adequacy of the internal control system

Chapter 8: Cash and Internal Control. By the end of this unit, you will be able to: Explain the purpose, objective and principles of internal control. Illustrate the application of internal control to cash (receipts and disbursements) Prepare bank reconciliation and the associated journal entries. Previous Next 1 Answer to Chapter 8 Sarbanes-Oxley, Internal Control, and Cash Page 402 CP 8-5 Bank reconciliation and internal control The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is..

[Solved] SarbanesOxley, Internal Control, and Cash Chapter

  1. CHAPTER 8 INTERNAL CONTROL AND CASH PART 9 BRIEF EXERCISES BE 148 Match the principle of internal control to each of the following cases. a) Establishment of responsibility b) Segregation of duties c) Accountability for assets d) Documentation procedures e) Physical, mechanical and electronic controls _____ 1
  2. An example of internal control is having one employee count the day's cash receipts and compare the total with the total of the cash register tapes. Exercise C The bank statement for Yarley Company at the end of August showed a balance of $12,862
  3. cash receipts. is an application of the principle of: a. segregation of duties. b. establishment of responsibility. c. independent check. d. other controls. Chapter. 8-18 LO 3 Explain the applications of internal control principles to cash receipts. f Cash Controls
  4. This video covers content from Chapter 8: Internal Control and Cash
  5. 8.3: Describe Internal Controls within an Organization; 8.4: Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries One of the hardest assets to control within any organization is cash. One way to control cash is for an organization to require that all payments be made by check

Chapter 8: Systems and controls. Chapter learning objectives. Upon completion of this chapter you will be able to: Describe and explain the five key components of an internal control system; Explain how auditors record internal control systems; Explain how auditors identify deficiencies and significant deficiencies in internal control systems About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features Press Copyright Contact us Creators. Revised Summer 2018 Chapter 7 Review 4 LO 2: Apply internal control principles to cash. Cash is the asset most susceptible to fraudulent activities. CASH RECEIPT CONTROLS Cash Over and Short: difference between the actual cash is the cash register and the record of the amount of cash receipts on the cash register tape

4 Explain the applications of internal control principles to cash disbursements. 5 Describe the operation of a petty cash fund. 6 Indicate the control features of a bank account. 7 Prepare a bank reconciliation. 8 Explain the reporting of cash. 304 Chapter Fraud, Internal Control, and Cash STUDY OBJECTIVES Feature Story 7 MINDING THE MONEY IN. Accounting: Tools for Business Decision Making, 5th Edition answers to Chapter 7 - Fraud, Internal Control, and Cash - Brief Exercises - Page 373 BE7-7 including work step by step written by community members like you. Textbook Authors: Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E. , ISBN-10: 1118128168, ISBN-13: 978-1-11812-816-9, Publisher: Wile 8 Fraud, Internal Controls, and Cash. Why It Matters; One of the issues faced by any organization is that internal control systems can be overridden and can be ineffective if not followed by management or employees. The use of internal controls in both accounting and operations can reduce the risk of fraud. This chapter discusses. Accounting: Tools for Business Decision Making, 5th Edition answers to Chapter 7 - Fraud, Internal Control, and Cash - Self-Test Questions - Page 371 1 including work step by step written by community members like you. Textbook Authors: Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E. , ISBN-10: 1118128168, ISBN-13: 978-1-11812-816-9, Publisher: Wile Internal control is a company's plan to (1) safeguard the company's assets and (2) improve the Answers to Review Questions (continued) Question 4-7 (LO 4-2) 1. Control Environment - The overall ethical tone of the company with respect to internal control. Chapter 4 - Cash and Internal Controls - () () -.

(PDF) Chapter 8 Internal control and cash Andrea Lee

Define internal control and identify its purpose and principles. C2 Define cash and cash equivalents and explain how to report them. ANALYTICAL. A1 Compute the days' sales uncollected ratio and use it to assess liquidity. PROCEDURAL. P1 Apply internal control to cash receipts and disbursements. P2 Explain and record petty cash fund. CHAPTER 7 Fraud, Internal Control, and Cash ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Define fraud and internal ANSWERS TO QUESTIONS 1. Fraud is a dishonest act by an employee that results in personal benefit to the employee at a cos

Chapter 8: Sarbanes Oxley, Internal Control, and Cash

Download Free Chapter 8 Sarbanes Oxley Internal Control And Cash ‥—™〃⋯‥—。?、‖'-'K?™· ™¨〃‥''K. Evaluating Internal Control of Cash. The following procedures were recently installed by Raspberry Creek Company: a. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check.The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for. Internal Control Questionnaire subsequently by persons who do not also handle cash (if so, explain briefly)? Ledgering Accounts Receivable . 8. Are terms, dates, weights, description of merchandise, etc., shown on invoices, shipping documents, delivery receipts, and bills of ladin Control of Cash: Definition & Methods : Defines cash, cash equivalents and liquidity. Illustrates how an effective internal control system protects these assets. Control of Cash Receipts.

Internal Controls in Accounting: Definition, Types & Examples. Worksheet. 1. A loss that occurs from honest mistakes being made by individuals is called a (n) _____ loss. Intentional. A cash proof is an accounting procedure that compares cash receipts according to source documents against cash receipts according to a physical count. The two fundamental procedures one must follow when preparing a cash proof are to record the total of the cash received as revealed by cash register tapes, sales slips, or other sourc Accounting Chapter 5 Fraud, Internal Control and Cash. Flashcard maker : Lily Taylor. Employee fraud is often grouped into three categories, including corruption, asset misappropriation, and embezzlement. False. The fraud triangle identifies incentive, opportunity, and benchmarks as the requirements for a fraud to occur Chapter 7 . Internal Control and Cash . Study Objectives . v Identify the principles of internal control.. v Explain the applications of internal control to cash receipts.. v Explain the applications of internal control to cash disbursements.. v Prepare a bank reconciliation.. v Explain the reporting of cash CHAPTER 6 ACCOUNTING FOR CASH AND INTERNAL CONTROLS Key Terms and Concepts to Know Purpose of Internal Controls: Internals controls are a system of policies and procedures used by companies to safeguard assets and ensure that transactions are recorded properly and in a timely manner. Principles of Internal Control

Chapter 8: Cash and Internal Controls Flashcards Quizle

control that increases the firm's chance of a loss. Risk is the likelihood of such loss. Firms invest in internal control systems to reduce exposures and/or risks. Fig. 3-4, on page 145, is a nontraditional way of viewing the relationship between undesirable events, exposures, internal control, and a ssets Whether the IAASB adopts internal control provisions similar to those in SOX remains to be seen. Also, under proposed new standards being developed jointly by the FASB and IASB for financial statement presentation, cash equivalents cannot be combined with cash. Fraud, Internal Control, and Cash 58

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  1. CHAPTER 7 Fraud, Internal Control, and Cash FEATURE STORY Minding the Money at Nick's. Nick Petros, the founder of Nick's Steakhouse and Pizza (CAN) in Calgary, came to Canada from Greece at age 17 with no money and speaking no English. For 25 years, he worked his way up the ranks in the restaurant industry, as a dishwasher, busboy, waiter, maître d', and then manager
  2. Record cash receipts when received. Count and balance cash receipts daily. Perform periodic surprise cash counts. For information about cash handling responsibilities, contact the Cashier's Office, (858) 534-3725. For information on internal control practices, contact Arlynn Renslow, (858) 822-2968
  3. us the initial bank is greater than the net cash receipts
The purchase Order A company received a bank statementChapter 7 - bryongaskin

Internal Control Structure Most school districts have cash funds or bank accounts at individual schools under the control of school principals or club advisors. These funds may be excluded from the district's normal accounting controls. Additional guidance on these issues is given in chapter 8 3) Cash Control Lesson - Search: ELO1092550 *Click on Activity 2 and answer the following questions: *Cash Control Questions** 4) *Internal Control Activity* 5) Petty Cash Lesson - Search ELO1092550 (Activity 2: Petty Cash - 2nd page of Content) *Petty Cash Questions* 6) Petty Cash Handout with journal entries Friday, May 11th CHAPTER 3: 1. The primary responsibility for establishing and maintaining an internal control rests with a. The external auditors b. The internal auditors c. Management and those charged with governance d. The controller or the treasurer 2. The fundamental purpose of an internal control is to a. Safeguard the resources of the organization b 16. Internal auditor is appointed and removed by the . a) Management. b) Shareholders. c) Government. d) C & A-G. 17. The object of internal check is to . a) Control wastage of resources. b) Prevent errors and frauds. c) Verify the cash receipts and payment

Finally, no cash is received or paid, so neither the cash receipts or cash payments journal should be used. 9. At the end of the month, after all postings to both the general ledger and the subsidiary accounts have been made, the total of the subsidiary account balances should equal the balance of the control account in the general ledger INTERNAL CONTROLS of duties and responsibilities. The following organizational procedures enhance the attainment of internal control: 0 Approval of loan applications by a separate credit committee elected by the members or appointed by the board, or by a loa

Chapter 8 - note Chapter INTERNAL CONTROL and CASH

The September 30 cash receipts, $1,250 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. A $15 debit memorandum for checks printed by the bank was included with the canceled checks control environment and accounting system, that management has established to provide reasonable assurance that specific entity objectives will be achieved. The topic of internal controls covers a wide area. Thus, a more in-depth treatment of internal controls is provided in Chapter 2.4 (Internal Control) of this manual. 4. Budget Control In this chapter, we will discuss how Internal Control works in Auditing. Internal Control system is one of the basic and essential factors for efficient and effective management. It covers the whole management system of an organization, both financial or non-financial CHAPTER 11 1. The internal control system I. Reduces accounting errors II. Increases accounting errors III. Lessens the risks of intentional irregularities petty cash book (D) cash flow statement ANSWERS 1. B 2. A 3. C 4. B 5. A . CHAPTER 15 The following information in the table below is for Item 1

Accounting Cornerstones of Financial Accounting Exercise 4-41 Classifying Internal Control Procedures Required: Match each 01 the control procedures listed below with the most closely related control procedures type. Your answer should pair each of the numbers 1 through 10 with the appropriate letter. Control Procedure Type: a. Adequate documents and records b A business concern must have proper control over cash disbursements. A business concern settles most of the cash transactions by cheques. For this reason, internal control of cash payment is related to cheques and cash payment authorization. In a cash disbursement control system, principles of segregation of job responsibility are followed Auditing Cash and Marketable Securities (Chapter 10) - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Author: Johnstone, at. al 2016 editio The cash account will decrease: D) The net realizable value of accounts receivable will not change: 8: The Allowance for Doubtful Accounts account has a year-end credit balance, prior to adjustment, of $450. The uncollectible accounts are estimated at 3% of net credit sales of $650,000

INTERNAL CONTROL AND CASH. CHAPTER. 10. Page 2 of 30. Cash includes coins, currency, cheques, debit cards, Bank credit cards, gift cards, money orders, and electronic transfers, (Pay pal, banking, Western Union) Internal control over cash is imperative in order to safeguard cash and assure the accuracy of the accounting records for cash The controls in this document should not, as indicated by the internal control wheel, be considered to be stand alone. Together, Internal Control Standards, university policy and procedures manuals, and departmental rules should be considered part of the process for installing, maintaining, and improving our system of internal control

Chapter 8 Cash, Fraud, and Internal Controls Flashcards

Chapter 1 - Accounting in Action. Chapter 2 - The Recording Process. Chapter 3 - Adjusting the Account. Chapter 4 - Completing the Accounting Cycle. Chapter 5 - Accounting for Merchandising Operations. Chapter 6 - Inventories. Chapter 7 - Accounting Information Systems. Chapter 8 - Fraud, Internal Control, and Cash CHAPTER 12. THE REVENUE CYCLE: SALES AND CASH COLLECTIONS. SUGGESTED ANSWERS TO DISCUSSION QUESTIONS. 12.1. Customer relationship management systems hold great promise, but their usefulness is determined by the amount of personal data customers are willing to divulge


(PDF) CHAPTER 8 Fraud, Internal Control, and Cash

CHAPTER 5 ACCOUNTING AND INTERNAL CONTROL SYSTEMS. 1 DEFINITIONS. Accounting systems Tasks and records by which transactions are processed to. maintain financial records. Internal control system Environment and procedures to ensure efficient conduct. of the business, safeguarding assets, prevention and detection of 2013 Internal Control - Integrated Framework. The 2013 update to the Internal Control — Integrated Framework helps organizations design and implement internal control in light of the many changes in business and operating environments since the issuance of the original Framework in 1992. The update broadens the application of internal control in addressing operations and reporting. Chapter 15: Additional practice questions . Charity income consists of cash collections atfund raising events, telephone appeals, and bequests (money left to thecharity by deceased persons). The charity is small and the trustees donot consider that the charity can afford to employ a qualifiedaccountant. Where it appears that an internal.

ACCTG 2600. CHAPTER 4 QUIZ. 1)Which internal control activity is followed when inventory storage areas are secured with limited access? a. Clearly defined authority and responsibility. b. Segregation of duties. c. Safeguarding of assets and records. d Answer: Internal controls over asses should include physical controls to prevent theft or misuse. For example, cash should be locked in a safe to prevent the theft of cash. Likewise, a security guard can help prevent theft or misuse of assets. This internal control would not prevent all theft, but would help reduce any theft. To download more. The petty cash fund had an initial imprest balance of $220. It currently has $18 in cash, $5 in miscellaneous petty cash tickets, and an additional $191 in specific petty cash tickets. The debit to Cash Short & Over would be _____ Solutions Manual, Chapter 8 9 Chapter 8: Applying Excel (continued) a. The total expected cash collections for the year under this revised budget are $2,165,000. b. The total required production for the year under this revised budget is 335,000 units. c. The total cost of raw materials to be purchased for the year unde

Explanation: In both Windows 7 and 8, use the Network and Sharing Center control panel > Change advanced sharing settings to select the Turn on file and printer sharing option. 19. The users on a LAN are reporting that computers respond slowly whenever high resolution photographs are being printed on the color laser printer Chapter 8: Activity Fund Guidelines, Financial Accounting for Local and State School Systems, 2003 Edition The chief financial officer is also responsible for implementing and enforcing appropriate internal control procedures. The club uses $400 to buy supplies and club T-shirts. When the $500 in cash is deposited by the club sponsor or. CHAPTER 8 & APPENDIX D . TRUE-FALSE STATEMENTS 1. Internal control is mainly concerned with the amount of authority a supervisor exercises over a subordinate. 2. A highly automated computerized system of accounting eliminates the need for internal control. 3. A business's assets need to be safeguarded from employee theft and unauthorized use. 4

NCERT Solutions for Class 12 Business Studies Chapter 8 Controlling. NCERT Solutions CBSE Sample Papers Business Studies Class 12 Business Studies. Short Answer Type Questions. 1. Explain the meaning of controlling. Ans: Controlling means ensuring that activities in an organisation are performed as per the plans. Controlling also ensures that. IT Essentials Chapter 8 Exam Answers 2018 2019 Version 6.0 100%. Cisco ITE latest or IT Essentials v6.0 chapter 8 Exam Answers PC hardware and software (ITE Version 6.00) collection year 2017, 2018 and 2019 Full 100%. IT Essentials has been know as ITE. The following are the questions exam answers. Guarantee Passed The following internal control procedures apply to petty cash: 4. Assign one person to control the petty cash fund. This person has sole control of the money and is the only one authorized to make payments from the fund. 5. Keep petty cash in a safe, a locked cash box, or a locked drawer. 6. Obtain a petty cash voucher for each payment. The vouche

ACCT 201 fin acct Ch 8 - CHAPTER 8 Internal Control and

Answers is the place to go to get the answers you need and to ask the questions you wan Internal Control and Cash. Chapter 9 Internal Control and Cash Questions 1. Most liquid is cash. Least liquid is a building. 2. Ensure transactions and activities are authorized, maintain records, insure assets, bond employees, More informatio

Answer Key Chapter 8 - Principles of Accounting, Volume 1

of the theory of internal audit and internal control is in chapter three. The fourth chapter presents the case company KONE, its main numbers and history. The use of internal audit and internal control in KONE are explained. Chapter five discusses the findings and observations made by the researcher which are later concluded in chapter six Chapter 3 Ethics, Fraud, and Internal Control 111 Part II Transaction Cycles and Business Processes 151 Chapter 4 The Revenue Cycle 153 Chapter 5 TheExpenditureCyclePartI: Purchases and Cash Disbursements Procedures 217 Chapter 6 TheExpenditureCyclePartII:Payroll Processing and Fixed Asset Procedures 265 Chapter 7 The Conversion Cycle 30 periodic performance reporting with variance, flaw in cash count and bank reconciliation Chapter 8: Emerging Technologies 23. You are supposed to make a presentation on the working of Mobile Computing. • Implementing strong internal control systems, including internal and external audit functions, risk management functions independent. CHAPTER 5 ACCOUNTING AND INTERNAL CONTROL SYSTEMS. 1 DEFINITIONS. Accounting systems Tasks and records by which transactions are processed to. maintain financial records. Internal control system Environment and procedures to ensure efficient conduct. of the business, safeguarding assets, prevention and detection of

Chapter 8: Internal Control and Cash Flashcard

Chapter 8: Cash and Internal Control Principles of

If you want more practice with full accounting questions and answers you should get the official exercise book for this site, Volume 2 in the Accounting Basics series: the Workbook.. Accounting Basics: Workbook has 88 questions and exercises, starting from the accounting equation and basic concepts to journal entries, T-accounts, the trial balance, financial statements, the cash flow statement. Internal Control. Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. Control environment Internal control is not a serial process but a dynamic and integrated process. The Framework applies to all entities: large, mid-size, small, for-profit and not-for-profit, and government bodies. However, each organization may choose to implement internal control differently. For instance, a smaller entity's system of internal control may be les

Chapter 8 Sarbanes-Oxley, Internal Control, and Cash Page 40

Cash Management: Internal Controls Checklist. Per the U.S. Chamber of Commerce, about 75% of employees are stealing from their employer. Research has shown that the most common item stolen was. 5) An audit is usually conducted in three steps: (1) A pre-examination or opening meeting with the auditee marks the beginning of the process. (2) involves a suitability audit of the documented procedures against the selected reference standard. (3) the auditor examines in depth the implementation of the quality system. A) True CAATs allow the auditor to: Independently access the data stored on a computer system without dependence on the client; Test the reliability of client software, i.e. the IT application controls (the results of which can then be used to assess control risk and design further audit procedures); Increase the accuracy of audit tests; and Internal controls system includes a set of rules, policies, and procedures an organization implements to provide direction, increase efficiency and strengthen adherence to policies. These are important for achieving the business objective. 5 components of an internal control system are linked to the organization Why Are Internal Controls for Cash Important to a Company?. Businesses that take in significant amounts of cash are vulnerable to theft, robbery and fraud. Companies establish systems of internal controls to minimize the risk of such incidents. The inherent vulnerability of cash and negotiable instruments such as.

Chapter 3 - Solution Manual - 3-1 CHAPTER 3 SYSTEMSSmall Business Answers - How do you get clothing brands toThis sample contains the first two brief chapters from the

Chapter 3 - Maintaining Professional Responsibility - Regulations and Legal Liability Chapter 4 - Audit Evidence and Audit Programs Chapter 5- Audit Risk and Materiality Chapter 6- Internal Control Concepts Chapter 7- Audit Planning - Assessment Chapter 8 - Internal Contol and Computer Based Informatio Physical Security. Equipment, inventories, cash, checks, and other assets should be physically secured and periodically counted and compared with amounts shown on control records. For example, the periodic confirmation of equipment by individual departments is a physical security control. Top Study Chapter 13: Overall Audit Strategy and Audit Program flashcards from Kia Rainey's Florida International University class online, or in Brainscape's iPhone or Android app. Learn faster with spaced repetition 19. The cash payments journal has multiple columns because cash payments may be made for a variety of purposes. a. The journalizing procedures are similar to those described earlier for the cash receipts journal. b. All entries are made from prenumbered checks. c. The posting procedures are similar to those described earlier for the cash. CHAPTER 4 THE REVENUE CYCLE The revenue cycle is the set of activities in a business which brings about the exchange of goods or services with customers for cash. Most business transactions are conducted on a credit basis. Cash is received after goods are shipped to the customer. Your book discusse Page 3 GAO-14-704G Federal Internal Control Standards The Green Book provides managers criteria for designing, implementing, and operating an effective internal control system. The Green Book defines the standards through components and principles and explains why they are integral to an entity's internal control system. The Gree