Question: Which of the following is an internal control procedure used to safeguard a companys assets?

Network security entails protecting the usability, reliability, integrity, and safety of network and data. Effective network security defeats a variety of threats from entering or spreading on a network. The primary goal of network security are Confidentiality, Integrity, and Availability.

Which of the following is an internal control procedure used to safeguard a companys assets?

Timely deposits of cash receipts into a checking account is an internal control process that mitigates against the risk of theft or misappropriation of cash (an asset).

Which of the following is an internal control procedure?

Tip. The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.

What are internal control procedures?

Internal controls consists of all the measures taken by the organization for the purpose of; (1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the …

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How does internal control safeguard assets?

Safeguard University assets – well designed internal controls protect assets from accidental loss or loss from fraud. … Promote efficient and effective operations – Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

Which of the following is not an internal control procedure for cash Group of answer choices?

d. Access to cash is limited. Answer: b Learning objective 7.3 – Explain the application of internal control principles for handling cash. Feedback: Having the same individual receive the cash and pay the bills is not an internal control procedure for cash.

Which of the following is an example of a common inherent limitation in internal control?

Some of the most common limitations of internal controls include providing reasonable assurance, collusion, human error, control override, poor judgment, cost and benefit consideration, improper communication to or training of employees, and unforeseen circumstances.

What are the 3 types of internal controls?

There are three main types of internal controls: detective, preventative, and corrective. Controls are typically policies and procedures or technical safeguards that are implemented to prevent problems and protect the assets of an organization.

What are internal controls and examples?

Examples of Internal Controls

  • Segregation of Duties. When work duties are divided or segregated among different people to reduce the risk of error or inappropriate actions.
  • Physical Controls. …
  • Reconciliations. …
  • Policies and Procedures. …
  • Transaction and Activity Reviews. …
  • Information Processing Controls.

What are the 4 types of internal controls?

Preventive Controls

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Separation of duties. Pre-approval of actions and transactions (such as a Travel Authorization) Access controls (such as passwords and Gatorlink authentication) Physical control over assets (i.e. locks on doors or a safe for cash/checks)

What are the 6 principles of internal control?

The six principles of control activities are: 1) Establishment of responsibility, 2) Segregation of duties, 3) Documentation procedures, 4) Physical controls, 5) Independent internal verification, 6) Human resource controls.