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4 Cards in this Set
- Front
- Back
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What is another word for cash control?
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Bank Reconciliation
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What are the goals of internal controls?
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I) Safeguard its assets
II) Provides reasonable reliability of the companies financial reporting. |
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Internal controls are designed to do these three specific things
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1. Ensure adequate records are maintained
2. ensure transactions are authorized 3. Prevent or detect unauthorized activities involving the company's assest |
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What are the four principles of internal control?
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1. Establish responsibilities and segregate duties
2. Restrict access to assets or key information 3. Maintain document trace for activities in each step 4. Independent Verification |
