7 Principles Of Internal Controls & 4 Controls Over NC Assets

Question	Answer
what are the 7 principles of internal control?	1. Reliable, competent personnel 2. Verification 3. Authorisation 4. Responsibility 5. Separation/rotation of duties 6. Adequate & Accurate documents and records 7. Physical controls & security
What is the most important control over NC Assets?	The use of a Property, Plant and Equipment (PPE) register
What are the controls of purchasing a PPE?	Purchase of PPE: a. Authorisation b. Selection c. Proof of ownership d. Payment of cash
What are the controls in storing a PPE?	a. Location b. Maintenance c. Protection
What are the controls in the Disposal of a PPE?	a. Authorisation b. Physical Disposal c. Receipts of cash

Resource summary

	Created by simonefarlie over 8 years ago