QUESTION TWO $[20]$

A good system of internal control is required for an organisation to achieve its goals and objectives in the best possible way. Examples of elements of a good system of internal control are checklists and forecasts.

$2\mathrm{.}1.$ Define the term internal control. $(5)$

$2\mathrm{.}2.$ Briefly describe the five $(5)$ limitations of internal control. $(5)$

$2\mathrm{.}3.$ List and briefly explain five $(5)$ main components of internal control. $(10)$