Question

learn about the concept of Internal Control. This is the policies, procedures and practices that a company puts in place to make sure that company assets are protected and that the company's accounting records are true and accurate. The material in the chapter that discusses the Sarbanes-Oxley Act emphasizes how important Internal Controls are and the penalties that can be imposed on a company for not following good internal control practices. Please answer the following questions regarding Internal Controls.

Questions :-

1- Of all of the internal control procedures and practices suggested in the chapter, which 3 do you think are the most important?

2-Explain the reason why you chose each of them and why you think they are the most important.

Answer 1

Answer:-

1 ) :-

• Without particular data in regards to the section and book it is alluded, I am displaying beneath the 3 general best inward control rehearse:
• There must be two man related with touchy exchanges, one to start the exchange and other to approve it after check.
• This diminishes the danger of extortion when two people are included as it will require gathering between them .
• The other practice could be to name outside evaluates to neglect the exchanges on everyday schedule and exhort administration on the predetermined focuses.

2 ) :-

• The third practice could be to select Ombudsman who will be mindful to address the complaint of the workers or clients in regards to an unscrupulous work on being led by anybody in the organization.
• This will help increment consistence and diminish the odds of bad behaviors

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