Internal Control Components and Principles for Each of the Five

question 69

Essay

Internal control components and principles For each of the five components of internal control,list at least two related principles of internal control.n gathering the information and briefly describe each one.

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Definitions:

Apparent Authority

Apparent authority refers to a situation where a person appears to have the authority to act on behalf of another (such as an employer) even if no actual authority has been granted, leading others to reasonably believe in that authority.

Mutual Agreement

An accord reached by two or more parties who have made concessions to each other to resolve a conflict or reach a decision.

Notified

Informed or made aware, often in a formal or official manner.

Terminated

The ending of an employment relationship or agreement, either voluntarily by resignation, or involuntarily by the employer.