In: Accounting
Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) – do not use a traditional business setting, such as those detailed in your textbook. In your example make sure you cover the following:
a. Describe the control in detail (including the setting).
b. What was the control trying to achieve (ie. prevent/safeguard)?
c. What specific general ledger account could the control be linked to?
d. What assertion could the control have been addressing (ie. safeguarding)?
e. How could an auditor test the control?
note: if you have any doubts you can comment me in the comment box. if you are satisfied with the answer hit the like button.