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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.

Required:

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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