Internal control principles

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Reference no: EM133234341

Rita J Company has the following internal control procedures over cash payments:

  1. Company cheques are prenumbered.
  2. The bank statement is reconciled monthly by an internal auditor.
  3. Blank cheques are stored in a safe in the finance manager's office.
  4. Only the finance manager or assistant may sign cheques.
  5. Cheque signers are not allowed to record cash payment transactions.


Assign each procedure to the appropriate letter of the following internal control principles that is applicable to:

  • Documentation procedures
  • Physical, mechanical and electronic controls
  • Independent internal verification
  • Segregation of duties
  • Establishment of responsibility

Reference no: EM133234341

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