The Principles of Internal Control Include: Establish Responsibilities, Maintain Adequate

question 10

True/False

The principles of internal control include: establish responsibilities, maintain adequate records, insure assets, separate recordkeeping from custody of assets, and perform regular and independent reviews.

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Definitions:

Workflow

The sequence of processes through which a piece of work passes from initiation to completion.

Productivity

The effectiveness of productive effort, especially in industry, measured in terms of the rate of output per unit of input.

Financial Advantages

Refers to the monetary benefits associated with a decision, investment, or policy.