Question:
Name and describe the five elements of internal control. Is any one element of internal control more important than another?
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Internal Control For Cash Receipts4 Types of Internal Controls Weaknesses and 5 Ways to Fix ThemHow Strong Are Your Business’s Internal Controls?10 Tips for Evaluating Internal Control Deficiencies | AuditBoardInternal Control:
The accounting or auditing procedures that an organization uses for ensuring financial reporting and regulatory compliance integrity are regarded as the internal control. With the help of internal controls, the organization can increase its efficiency as they help in the prevention of fraud and in complying with laws and regulations.
Answer and Explanation:1
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Chapter 7 Financial AccountingThere are five elements of internal control: controlling the environment, assessment of risk, controlling the procedures, monitoring, and information...
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