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Identifying the Principles of Internal Control

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Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?

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Solution Summary

The solution identifies the principles of internal control. An example of each principle is provided. The limitations to a sound internal control system are given.

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Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control.

Principles of Internal Control (with examples for each):

- Segregation of duties - requires that different individuals be assigned responsibility for different elements of related activities, particularly those involving authorization, custody, or recordkeeping. For example, the same person who is responsible for an asset's ...

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