Question 2a
Marking Guide
up to 1 mark per well explained component, being 0·5 for stating the component and 0·5 for an explanation | |
| control environment – governance and management function, attitudes awareness and actions of management | |
| control environment – made up of a number of elements (need to list at least 2 of these to score 1 mark) | |
| entity’s risk assessment – process for identifying risk | |
information system relevant to financial reporting – procedures and records to record an entity’stransactions, assets and liabilities and to maintain accountability | |
| control activities – policies and procedures to help ensure management directives are carried out monitoring controls – assess effectiveness of internal controls | |
| max marks | 5 |
| note to markers: please award credit for reasonable explanations of internal control components, even if not listed above |