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Internal Control

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Accounting Unit 1
FN Walton
Mind Map by FN Walton, updated more than 1 year ago
FN Walton
Created by FN Walton over 6 years ago
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Resource summary

Internal Control
  1. Main Principles (SARDS VSR)
    1. Separation of Duties
      1. Lines of responsibility
        1. Security of Assets and Records
          1. Competent and reliable staff
            1. Security devices installed
              1. Recording sufficient
                1. Verification/Checking systems in place
                  1. Authorisation
                  2. Application of the Principles of Internal Control
                    1. Cash
                      1. Accounts Receivable
                        1. Inventory
                          1. Non Current Assets
                            1. Accounts Payable
                            2. Limitations of Internal Control (HCCSR)
                              1. Human Error
                                1. Cost Effective
                                  1. Collusion
                                    1. Reviews
                                      1. Small Business
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