Internal control Define the term "internal control" and identify the major components of an internal control system
Internal control is a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.
The major components of internal control are:
1 . control environment;
2 . risk assessment;
3 . control activities;
4 . information and communication; and
5 . monitoring.
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__________ are groups composed of individuals brought together to complete a special job task; their existence is often temporary because when the task is completed, the group disbands.
Fill in the blank(s) with the appropriate word(s).
Nonlinear integer programming models offer additional challenges for solution algorithms because:
a. The values of reduced gradients are valid only at the point of the optimal solution. b. The values of Lagrange multipliers are valid only at the point of the optimal solution. c. The generalized reduced gradient algorithm cannot differentiate local and global optima. d. All of the above
Which mode of transportation hauls more freight than any other?
A. Railroads B. Waterways C. Pipelines D. Trucks E. Airways
Generally, the agent owes the principal no duties
a. True b. False Indicate whether the statement is true or false