Internal control system
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During an audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
Please Identify the limitations of the internal control system. Provide at least 3 limitations.
Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
Please use intext citeing and references.
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Internal control system
During an audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
Please identify the limitations of the internal control system. Provide at least 3 limitations.
The first limitation of internal control is the based on the limitation of the number of ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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