Match each term or phrase on the left with the best description
on the right. Descriptions may be used
once, more than once, or not at all.
1. Control environment. (a) Accounting system.
2. Management's philosophy (b) Adequate documents and record.
3. Functioning of the audit committee. (c) Control procedures.
4. Identify and record all valid transactions. (d) Element of
the internal control structure.
5. Permit proper classification of transactions. (e) Factor that
affect control environment.
6. Segregation of duties. (f) Financial statement assertion.
7. Adequate documents and records. (g) Independent check on
8. Pre-numbered receiving reports (h) internal controls
9. Preparation of reliable financial reports.
1. (d) 2. (e) 3. (g) 4. (h) 5. (a)
6. (c) 7. (a) 8. (c) 9. (h) 10. (c)
Fill in the blanks by selecting the most appropriate
can appoint the auditors if they are not
appointed by the
within 60 days of
i) SECP, directors, the company, members
ii) Directors, members, SECP, the company
2. The part of the
Statutory Report which relates to
Receipt and Payments
is required to be
certified by the auditors.
i) First extraordinary general meeting, statutory report, Annual
General Meeting, First AGM
ii) Receipts and Payments, Financial Statements, Balance Sheet,