assets.docx

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Department
Business Administration
Course
Business Administration 2257
Professor
Prof
Semester
Spring

Description
ASSETSCHAPTER 7 INTERNAL CONTROL AND CASHINTERNAL CONTROLFraud is stealing assets or misstating financial statementsInternal control is the process designed to ensure correct financial reporting and compliance with laws and regulations 1Control Environment management needs to create ethical expectations and environment2Control Activities efforts to achieve internal controlaSegregation of duties different individuals for different elements of an activitybProper authorization of transactions having fixed price list but manager can change itcDocumentation and records evidence to make financial statements accuratedPhysical Control employee ID cards fences safe etc eIndependent checksiInternal review ensure reliability
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