Question

Use your own words. write five characteristics of good Internal control system.

Answer 1

Characteristics of a good Internal control system:-

1. Duties are divided among the employees to avoid the risk of fraud.

2. Proper record-keeping is maintained.

3. Plans are made to safeguard assets from stealing and wastage.

4, Strict compliance with legal requirements, taxation, and other obligations.

5. Each transaction is properly authorized according to the power described in internal control.

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