Flashcards
7 Principles Of Internal Controls & 4 Controls Over NC Assets
Cards in this deck (5)
- 1what are the 7 principles of internal control?1. Reliable, competent personnel
2. Verification
3. Authorisation
4. Responsibility
5. Separation/rotation of duties
6. Adequate & Accurate documents and records
7. Physical controls & security - 2What is the most important control over NC Assets?The use of a Property, Plant and Equipment (PPE) register
- 3What are the controls of purchasing a PPE?Purchase of PPE:
a. Authorisation
b. Selection
c. Proof of ownership
d. Payment of cash - 4What are the controls in storing a PPE?a. Location
b. Maintenance
c. Protection - 5What are the controls in the Disposal of a PPE?a. Authorisation
b. Physical Disposal
c. Receipts of cash