List the benefits of a sound system of internal control
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List the benefits of a sound system of internal control

Part 1: Written answer questions

Read the following questions and answer in the space provided.

1.  List the benefits of a sound system of internal control.

2.  To ensure internal operations are carried out efficiently and honestly, internal control systems can be put in place. Sometimes these internal control systems do not achieve what they aim to achieve. What are the limitations of internal control systems?

3.  What can be the consequences of poor internal controls for the internal operations of a business?

Hint
Accounts and Finance Operative internal control decreases the risk of asset loss, and aids ensure that plan information is comprehensive and correct, and financial statements are dependable. Other benefits of good internal control systems are improved efficiency in operations, the establishment of monitoring procedures and making sure there is compliance with laws and statutory rules...
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