U1 AOS2: KK7 - Internal Control Procedures

Question 1

List the internal control mechanisms

Answer 1

Physical safeguards
Preventative safeguards
Separation of duties
Rotation of duties
Careful hiring practices
Effective employee training

Question 2

The use of a safe would be an example of a

Answer 2

Physical safeguard

Question 3

The implementation of an alarm system would be an example of a

Answer 3

Preventative safeguard

Question 4

If cash is consistently going missing due to staff ineffectiveness, which internal control could be used?

Answer 4

Careful hiring practices, effective employee training