Which one of the following is a primary component of an internal control system? O Monitoring O Chain of command Financial pressure O Physical controls O Bonding

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08-12-2022
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Which one of the following is a primary component of an internal control system? O Monitoring O Chain of command Financial pressure O Physical controls O Bonding

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contexto1026 contexto1026 · Answer 1 · 2022-12-16T09:27:15+01:00

The primary component of an internal control system is physical controls. The 5 primary elements of an inside system square measure (1) management atmosphere, (2) risk assessment, (3) management activities, (4) data and communication, and (5) observation.

Opportunity isn't a primary part of an inside management system; it's one among the 3 elements of the fraud triangle. When instrumentality, inventories, securities, money and different assets square measure secured physically. this could occur through the employment of locks, safes, or different environmental controls. Access is restricted to those magisterially to handle them.

One of the internal control system activities is segregation of duties. completely different people ought to be accountable for authorizing transactions, recording transactions, having custody of assets, and performing arts comparisons/reconciliations.

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