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3 years ago

Internal control systems are:________.

2 answers:

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Answer: Internal control system are required by Sarbanes-Oxley (SOX) to be documented and certified if the company's stock is traded on an exchange (a public company).

Explanation:

Internal controls are the procedures mechanisms and rules implemented by a business to ensure the integrity of its accounting and financial information, promote accountability, and also prevent fraud.

Besides complying with regulations and law and hindering employees from commiting fraud or stealing assets, internal controls can improve operational efficiency through the improvement in the timeliness and accuracy of financial reporting.

Internal controls are a vital business function for every company in the United States since the accounting scandals that occurred in the early 2000s. The Sarbanes Act of 2002 was to improve accuracy of corporate disclosures and protect investors from fraudulent activities.

Luda [366]3 years ago

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Answer:

The answer is A.

Explanation:

Internal control systems are required by Sarbanes-Oxley (SOX) to be documented and licensed if the company's stock is traded on an exchange (a public company).

Internal control system consists of 5 key elements:

Control environment t

Risk assessment

Control activities

Information and communication

Monitoring

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3 years ago

A multinational enterprise (MNE) is defined as a firm that: exports more than it imports. sells in many markets around the globe

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A multinational enterprise (MNE) is defined as a firm that operates and controls production or distribution facilities in more than one country.

Explanation:

According to Franklin Root MNE is a company that,

engages in foreign manufacturing or production via its other branches located in several other countries.

handles direct control over the policies of its own affiliates

implements various strategies in marketing, manufacturing, staffing and finance that transcend the national boundaries.

In some cases, the ownership of the MNEs are dispersed internationally and these corporations are known as transnational corporations (managed generally from global perspective).

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3 years ago

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