What are the control activities listed in the image?
Understand the Problem
The question involves understanding control activities within an organizational context, specifically the different methods to ensure accountability and proper processes. It highlights several key practices like separation of duties, authorization of transactions, and physical control over assets.
Answer
Separation of Duties, Proper Authorization, Adequate Documents, Physical Control, Independence Checks.
The control activities listed are: 1) Separation of Duties, 2) Proper Authorization of Transactions and Activities, 3) Adequate Documents and Records, 4) Physical Control over Assets and Records, 5) Independence Checks on Performance.
Answer for screen readers
The control activities listed are: 1) Separation of Duties, 2) Proper Authorization of Transactions and Activities, 3) Adequate Documents and Records, 4) Physical Control over Assets and Records, 5) Independence Checks on Performance.
More Information
These control activities are fundamental to ensuring the integrity, reliability, and accuracy of financial and operational processes within an organization.
Tips
Confusing the names of activities or mixing up similar activities such as 'Authorization' with 'Approval' can lead to misunderstandings.
Sources
- Key Internal Control Activities | Internal Audit | Michigan Tech - mtu.edu
- COSO – Control Activities - Deloitte - deloitte.com
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