New Life Hospital is a multi-specialty hospital that has been facing a lot of pilferage & troubles regarding inventory maintenance & control. On investigation into the matter, it was found that the person in charge of inventory inflow & outflow from the storehouse is also responsible for purchases & maintaining inventory records. According to you, which basis system of control has been violated? Also, list down the other general conditions pertaining to such a system that needs to be maintained & checked by the management.

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The detailed answer for the above question is provided below Internal Checks Internal Audits are important constituents of Accounting Controls An inte... View the full answer