(Answered) Question an internal control system consists of all

Accounting

Question: An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies.

1. What is the main objective of internal control procedures? How is that objective achieved?

2. Why should recordkeeping for assets be separated from custody over those assets?

3. Why should the responsibility for a transaction be divided between two or more individuals or departments?

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