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What are the basic principles of internal control? Why are accountants concerned with internal control?

What are the basic principles of internal control?

Why are accountants concerned with internal control?

Business   Accounting   
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Answer #1

Basic principles of internal controls are:

  • Safeguarding of assets
  • Segregation of duties
  • Establishing policies and procedures
  • Periodical review
  • Creation of document trial

Internal controls comprises of rules and procedure established by management for good going of business.

Accountants are concerned with internal controls as they are have to comply with each and every procedure apart from their regular works.

Accountants morale may be lost due to high compliance of procedures.

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