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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 ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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