Organizations may implement different types of internal controls. Which of the following is an example of a specific int
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Organizations may implement different types of internal controls. Which of the following is an example of a specific int
Organizations may implement different types of internalcontrols. Which of the following is an example of a specificinternal control?The IT manager assigns network usernames and initial passwordsto each user, and the system settings require the passwords to bechanged monthly.The bookkeeper is required to complete a weekly bankreconciliation. The reconciliations are reviewed and initialed bythe treasurer at the end of each month.When employees meet new clients, they are expected to treat theclients with respect and integrity.When hiring new staff for the organization, the hiringsupervisor must ensure they consider all applicants equally,regardless of gender.You work for a small NFPO. Your supervisor has asked you toamend the statement of operations for March with regards to anumber of expense items that she said you missed. Which of thefollowing unrecorded items should be reflected in the Marchstatement of operations?The organization purchased a new computer for the accountingdepartment on March 31 but paid it on April 15.The organization had payroll costs of $3,500 for March whichwere to be paid on April 5.The organization signed a fixed fee contract for $4,000 with alaw firm to represent them in an upcoming lawsuit. They paid thefull $4,000 to the law firm on signing. The lawsuit is expected tobe settled next month.The organization paid an outstanding account payable on March18.An organization’s code of ethics articulates the organization’svalues in detail. Which of the following situations may indicate aviolation of an NFPO’s code of ethics?John works for an NPFO that provides outdoor adventure tripsfor youth. His child attended one of the workshops at a reducedfee.Mohammed, a professional accountant, provided free accountingservices to the Rescue Wildlife Foundation.Celia, a director for the Society of Health and Wellness (SHW),mentioned to her brother, a CEO for a large funding agency, thatSHW was underfunded for the year.Peter, a director of a foundation, disagreed with informationprovided to a client and recommended a change to the ProceduresHandbook used by staff.Which of the following is the MOST effective internalcontrol?using a computer to record accounting transactionsseparating the recording and reporting of transactionshiring additional internal auditors to monitor accountingtransactions and systemsensuring that employees who have custody of assets also recordtransactions related to those assets