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Q:

The principles of internal control include

A) Maintain Records B) Segregate of Duties
C) Mandatory Employee Rotation D) All the above

Answer:   D) All the above



Explanation:

The principles of internal control are the concepts management uses to establish the ways to protect company assets.


The main internal control principles include:

  • Establish Responsibilities
  • Maintain Records
  • Insure Assets by Bonding Key Employees
  • Segregate of Duties
  • Mandatory Employee Rotation
  • Split Related Party Responsibility
  • Use Technological Controls
  • Perform Regular Independent Reviews

 

Subject: Indian Economy
Exam Prep: Bank Exams
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