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Define the following terms: 1. Accounting system 2. Control environment 3. Internal audit 4. Internal Control

      

Define the following terms:
1. Accounting system
2. Control environment
3. Internal audit
4. Internal Control

  

Answers


Wilfred
1. Accounting system: Refers to the systems and procedures that management has put in place to ensure that the company maintains proper books of accounts.

2. Control environment: This refers to the overall attitude, awareness and actions of directors and management regarding the internal control system and its importance in the entity.

3. Internal audit: This is a control function set up by management to review the accounting and internal control systems.

4. Internal Control:An internal control systems consists of all the policies and procedures (internal
controls) adopted by management of an entity to assist in achieving management’s objective
Wilfykil answered the question on April 11, 2019 at 10:43


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