1. Identify and describe the five components of a good internal control system.

2. What principles of internal control apply to most organizations?

3. How do documentation procedures contribute to good internal control?

4. How does segregation of duties contribute to good internal control?

5. How do responsibility procedures contribute to good internal control?

6. What internal control objectives are met by physical controls?

7. Explain the control principle of independent internal verification.
8. What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?

9. What principle(s) of internal control is (are) involved in making daily cash payments?

10. Explain the meaning of fraud .

11. Explain the meaning of Internal control.

12. You start a new business, which internal control procedures would you consider and give examples.