identify the principle(s) of internal control that is violated. Recommend what the business should do to...
identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control
・To ensure the company retreat would not be cut, the manager of Latina Company decided to save money by cancelling the external audit of internal controls.
Homework Answers
The principle violated is perform regular independent reviews.
The manager has cancelled the external audit of internal controls which is crucial to know if the company is following a proper internal control system is violation of a periodic review system.
The manager must have the external audit of internal controls to know of deficiencies in the control system and scope for correction if any.
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identify the principle(s) of internal control that is violated.
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Choices are
Establish responsibilities
Insure assets and bond key employees
Separate record keeping from custody of assets
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Apply technological controls
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Insure assets and bond key employees
Maintain adequate records
Perform regular and independent reviews
Separate record keeping from custody of asset
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