7 Principles Of Internal Controls & 4 Controls Over NC Assets

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Internal Controls
simonefarlie
Flashcards by simonefarlie, updated more than 1 year ago
simonefarlie
Created by simonefarlie over 8 years ago
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Question Answer
what 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
What is the most important control over NC Assets? The use of a Property, Plant and Equipment (PPE) register
What are the controls of purchasing a PPE? Purchase of PPE: a. Authorisation b. Selection c. Proof of ownership d. Payment of cash
What are the controls in storing a PPE? a. Location b. Maintenance c. Protection
What are the controls in the Disposal of a PPE? a. Authorisation b. Physical Disposal c. Receipts of cash
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