(Components of internal control) The chapter identified fivecomponents of internal control.Listed below are specific control policies and proceduresprescribed by Suntron Company.1. Management gives careful consideration to the requisiteknowledge and skills personnelneed at all levels of the organization.2. General controls and application controls are established in theelectronic data processingdepartment.3. Management acts to reduce or eliminate incentives andtemptations that might leadindividuals to engage in dishonest or illegal acts.4. Management is alert to complaints received from customers aboutbilling errors.5. Management gives special consideration to the risks that canarise from the use of informationtechnology in the accounting system.6. Employees responsibilities are assigned so as to avoid anyindividuals being in a positionto both commit an error or irregularity and then conceal it.7. IT management has designed controls to prevent unauthorized useof IT equipment,data files, and computer programs.8. The processing of payroll includes a check on the total numberof hours submitted. If more than 65 hours are reported in a weeklypay period, the transaction is printed onan exception report and put in a suspense file for additionalreview or additionalauthorization.9. Suntrons internal audit staff periodically assesses theeffectiveness of various ICScomponents.10. Policy manuals, accounting and financial reporting manuals, anda chart of accountshave been developed and implemented.Requireda. Identify the components of internal control to which each policyor procedure relates.b. For each item, identify one other policy or procedure for thatinternal control componentthat is not on the preceding list.
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