Question

The internal control flowchart is an example of: A. A supporting schedule. B. An administrative working...

The internal control flowchart is an example of:

A. A supporting schedule.

B. An administrative working paper.

C. A lead schedule.

D. A corroborative working paper.
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Answer #1

The Internal Control flowchart is an example of an administrative working paper.

Internal control is the reponsibility of management and those charged with governance. Hence the management need to review and maintain a good control in the entity. The internal control flowchart is the pictorical representation of work flow in the entity. This pictorical representation helps the employees to understand easily.

A supporting schedule means the balance represented as on specific date which comprise of asset and liability of an entity. Lead schedule is the break up of the supporting schedule. Corroborative working paper are the basis document of an entity like Article of Incorporation and bylaws, Board of directors minutes and contracts, 3rd party confirmation like bank, client broker ect,.

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