Internal Control and Internal Audit
Commerce ⇒ Accountancy
Internal Control and Internal Audit starts at 12 and continues till grade 12.
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See sample questions for grade 12
A company has implemented strong internal controls, but fraud still occurred due to collusion among employees. What does this indicate about the limitations of internal control?
A company’s internal auditor found that the same person was responsible for both receiving cash and recording cash receipts. What internal control principle is being violated?
Define internal control.
Explain the difference between internal control and internal audit.
Explain the importance of documentation in internal control.
Explain the relationship between internal control and internal audit.
Explain the role of internal audit in risk management.
Explain the term 'control environment'.
Explain the term 'segregation of duties' with an example.
List any three objectives of internal control.
Name any two tools used in internal audit.
State any two advantages of internal control.
State any two differences between internal audit and statutory audit.
State any two limitations of internal control.
State any two types of internal controls.
