2-Please explain the internal control for inventory and the types of systems?
3-Please explain what the Sarbanes-Oxley act is?
4-Please explain the 6 principles for internal control?
1-Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
It is important to ensure that units or individuals receiving cash are held responsible to properly deposit cash and record the proceeds. It is important to ensure that the procedure is documented.
Similarly, it is important that those units or persons that make cash purchases are held responsible for the payment made by them for purchase of goods. They must document the transactions and these must be matched with the goods actually received. It is important that related procedures are in place to ensure efficient and efficient control and stewardship and accurate and timely recording of these proceeds.
Many individuals or units in a business receive cash for the sale of goods or services. Similarly, many individuals or units in a business make purchases of goods or services.
Internal control is most important for the purpose of controlling frauds related to cash. In both the cases, sales and purchases frauds are related to cash transactions, to prevent such frauds internal controls are important.
2-Please explain the ...
This answer provides you an excellent discussion on internal controls