Principles of internal control include:
A)Maintain adequate records.
B)Insure assets.
C)Establish responsibilities.
D)Bond key employees.
E)All of these answers are correct.

Question

Quizplus · Accepted Answer

All of these principles are necessary for an effective internal control system. Maintaining adequate records ensures accurate tracking and reporting of transactions, insuring assets protects against loss or damage, establishing responsibilities clarifies who is accountable for specific tasks, and bonding key employees provides additional protection against fraud and dishonesty.

Principles of Internal Control Include