Identify the principles of internal control with the appropriate description below.

1. Involves the review, comparison, and reconciliation of data prepared by other employees.
2. Provides evidence that transactions and events have occurred.
3. Only specific employees perform certain tasks.
4. Rotating employees' duties and requiring employees to take vacations.
5. Related activities should be assigned to different individuals.

Question

16-07-2024
Business

Answered

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Identify the principles of internal control with the appropriate description below.

1. Involves the review, comparison, and reconciliation of data prepared by other employees.
2. Provides evidence that transactions and events have occurred.
3. Only specific employees perform certain tasks.
4. Rotating employees' duties and requiring employees to take vacations.
5. Related activities should be assigned to different individuals.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-16T18:59:06-04:00

Final answer:

Internal control principles include Ownership, Accountability, and Segregation of Duties.

Explanation:

The principles of internal control are:

Ownership: Involves the review, comparison, and reconciliation of data prepared by other employees.
Accountability: Provide evidence that transactions and events have occurred.
Segregation of Duties: Related activities should be assigned to different individuals.

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