Question

There is decrease in efficiency by internal check system. true or false​

Answer 1

Explanation:

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Answer 2

Answer:

Explanation:

Concept:

Internal Check is an essential component of the internal control system. It is a division of labour among staff members in such a way that the work of one person is automatically and independently checked by the other.

Explanation:

The primary goals of Internal Check are as follows:

• To safeguard businesses against carelessness, inefficiency, and fraud.
• To ensure and generate adequate and trustworthy accounting information.
• To maintain morale among employees.
• To reduce the likelihood of errors and fraud and to detect them quickly if they occur.
• To divide the work in such a way that no business transaction goes undocumented.

• Internal checks are a continuous process that is part of the daily routine. It refers to all of the transactions that occur on a daily basis.
• An internal check is accomplished through the complementary assignment of duties and the independent verification of one person's work by another.

• A good internal control system provides the business owner with accurate, reliable, and genuine accounting records and data on which he can rely.
• The statutory auditor can avoid deep and detailed transactional checking thanks to an efficient internal check system. He may rely on test checks, so Internal Check is useful to the auditor.
• Hence, internal check system improves efficiency. This means that the given statement is false.

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