
Internal Control: Internal control refers to the policies, and plans of the business organization along with other measures with a view to safeguard its assets, encourage the employees to adhere to the plans, to improve on the operational efficiency, and to ensure correct and reliable accounting information. Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
The following are the some of the internal control procedures:
- Competent personnel, rotating duties, and mandatory vacations
- Separating responsibilities for related operations
- Separating operations, custody of assets, and accounting
- Proofs and security measures
To state: the reasons for discovering the fraud very late.

Trending nowThis is a popular solution!

Chapter 8 Solutions
Bundle: Accounting, Loose-leaf Version, 27th + CengageNOWv2, 2 terms Printed Access Card
- general accountingarrow_forwardGive me step by step explanation for general accounting questionarrow_forwardOn January 1, Year 1, Joshua Corporation purchased equipment for $200,000. The equipment had an estimated useful life of 8 years and an estimated residual value of $40,000. Using the double-declining-balance method, how much depreciation expense should Joshua Corporation report on the company's balance sheet at December 31, Year 2?arrow_forward
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:CengageFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
