principles of internal control
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 12MC: The external auditor of a company has certain requirements due to Sarbanes-Oxley. Which of the...
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Question
The internal control procedures in Dayton Company result in the following provisions.
Identify the principles of internal control that are being followed in each case.
(a) |
Employees who have physical custody of assets do not have access to the accounting records.
|
Select the principle of internal control | ||
---|---|---|---|---|
(b) |
Each month, the assets on hand are compared to the accounting records by an internal auditor.
|
Select the principle of internal control | ||
(c) |
A prenumbered shipping document is prepared for each shipment of goods to customers.
|
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