Internal controls

Question 1

what are the 8 principles of effective internal controls

Answer 1

• reliable competent personnel
• verification
• authorisation
• responsibility
• separation of duties/ rotation of duties
• adequate and accurate documents and records
• physical controls and security

Question 2

how to write a business report extract ?

Answer 2

1) identify the problem, 2) explain those issues, 3) discussion, 4) conclusions and 5) recommendations.

Question 3

what are adminsitrive controls

Answer 3

promote operational efficiency, encourage adherence to prescribed managerial policies

Question 4

what are accounting controls

Answer 4

safeguard assets of the business, check the accuracy and reliability of the business’s accounting data

Question 5

purpose of internal controls

Answer 5

to help safeguard an organization and further its objectives.