Understanding Internal Control and Audit Processes

An overview of internal control mechanisms and audit procedures in financial management.

Lily Green

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Understanding Internal Control and Audit Processes1.A set of characteristics that helps to define a seriousness about employees' attitudes aboutthe control activities in a company is referred to asA.Management assertions.B.Control environment.C.Control risk assessment.D.Functional responsibilities.2.Sound internal control can be described as separating all of the following duties andresponsibilities except forA.Transaction authorization.B.Recordkeeping.C.Custody of, or direct access to, assets.D.Hiring of employees.

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