All businesses have an internal control system to prevent fraud and errors, to protect assets, and to improve the efficiency of operations. Think of internal control procedures of a job you have or had in the past (or interview someone if you had not held a job) and answer the following questions:

• What types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?
• What types of controls are in place to protect data (such as company information or customer personal information)?
• Choose one more internal control principle from this module, and explain how the company implements that principle and the purpose?
• Explain one gap the company has in internal control procedures in which fraud or errors could occur? What can the company do to prevent or detect this fraud or error?
• In your own words, explain the importance of internal control procedures.

Answer rating: 100% (QA)

Adequate records and document should be adequate This management indicates that money statements also are correct This management ensures the record keeping of the corporate includes the invoices crea... View the full answer