The Principles of Internal Control Include: Ensure Transactions and Activities

question 103

True/False

The principles of internal control include: ensure transactions and activities are authorized, maintain records, insure assets, separate recordkeeping and custody of assets, and perform internal and external audits.

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Definitions:

Human Resources

The department within an organization responsible for managing all aspects related to employees, including recruitment, training, benefits, and compliance.

Affirmative Action

Policies and measures designed to increase the employment opportunities for historically excluded groups.

HR Managers

Professionals responsible for overseeing human resource functions within organizations, including recruitment, employee relations, and compliance with labor laws.

Active Concern

A business term that refers to a company that is actively engaged in business operations, indicating its ongoing viability.