Collateral Deposit (Part 2)2 (This is a continuation of Problem 27 in Chapter 2.)


Part 1 Prepare an analytic flowchart and cross-reference it to the list of procedures that accompanies Problem 27 in Chapter 2. Part 2 Prepare an application controls matrix for the process using the form shown in Figure 4.9. Cross-reference the controls to the matrix using the appropriate numbers from the list of procedures. Identify any apparent weaknesses noted in the description of the collateral receipt process.

Problem 27

Which of the following elements of an entity’s internal control structure includes the development of personnel manuals documenting employee promotion and training policies?

a. control procedures.

b. control environment.

c. information and communication.

d. quality control system.

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