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Will you include effective internal controls as part of your plan to protect Strayer’s financial systems?...

Will you include effective internal controls as part of your plan to protect Strayer’s financial systems? Explain your position.

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Answer #1

Yes i will include effective internal controls as a plan to protect strayer's financila statements.

Becuase Internal controls are policies and procedures put in a place to ensure the continued reliability of accounting systems.Without accurate accounting records managers cannot make fully informed financial decisions,and financial reports can contain error.

Importnace of internal controls:

Internal controls establish safeguards to an organisation asset's and minimize the ooportunity of commiting fraud and allowing errors to go undetected in an organisation's daily operation's

  1. Internal control help to understand and mitigate risks.
  2. Internal controls help to address financial statements assertions.
  3. Internal controls help to prevent and detect fraud .
  4. Internal controls help to prevent misstatements of financial statements .
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