Week 6 - Components of Internal Control Flashcards
(10 cards)
1
Q
What is the way to remember the components of internal control?
A
CRIME
2
Q
C
A
Control activities
3
Q
R
A
entity’s Risk assessment
4
Q
I
A
Information system
5
Q
M
A
Monitoring the internal controls system
6
Q
E
A
the control Environment
7
Q
Control activities
A
The policies and procedures designed to detect and prevent or correct errors
8
Q
Entity’s Risk Assessment
A
Co-determines what policies and procedures to implement
9
Q
Information system
A
Gathers information about transactions for financial reporting purposes
10
Q
The control environment
A
The context, influenced by management
