ACT.txt

Card Set Information

Author:
Anonymous
ID:
84046
Filename:
ACT.txt
Updated:
2011-05-05 19:09:57
Tags:
Accounting
Folders:

Description:
Internal Control Principles
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  1. Establisment of Responsibility
    One person is responsible for a given task
  2. Segregation of Duties
    Diffrent individuals should be responsible for related activities
  3. Documentation Procedures
    Prenumbered documents
  4. Independent Internal Verification
    Verify records periodically
  5. Human Resource Controls
    • 1.Bond Employees
    • 2. Rotate Duties/ Vacation Time
    • 3. Conduct Thourough Background Checks

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