Internal controls Flashcards
(5 cards)
1
Q
what are the 8 principles of effective internal controls
A
- reliable competent personnel
- verification
- authorisation
- responsibility
- separation of duties/ rotation of duties
- adequate and accurate documents and records
- physical controls and security
2
Q
how to write a business report extract ?
A
1) identify the problem, 2) explain those issues, 3) discussion, 4) conclusions and 5) recommendations.
3
Q
what are adminsitrive controls
A
promote operational efficiency, encourage adherence to prescribed managerial policies
4
Q
what are accounting controls
A
safeguard assets of the business, check the accuracy and reliability of the business’s accounting data
5
Q
purpose of internal controls
A
to help safeguard an organization and further its objectives.
