Question

Which of the following is a part of an internal control system?

-control cues

-policy communication

-segregation of duties

-record keeping

-all of above

Answer 1

Answer is all of the above

The control cues are integrated information systems which help control and communicate the systems internally.

Policy communication ensures all the elements and team members are in line with the policies introduced or changed from time to time.

Segregation of duties helps define role and responsibilities of each member. Thereby, facilitates internal control system from functioning properly and revising the responsibilities as and when required.

Record keeping helps in managing and storing data. This can be retrieved whenever required and be used for analysis or forecasting or managing risks or improving process.