what are the criteria what are the criteria for the internal controls for the internal controls where billing can be held responsible for the issuance of invoices , sales journal and AR update .
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Answer:
Here is a five-step process to follow when developing and implementing effective internal controls in an organization:
Step 1: Establish an Appropriate Control Environment.
Step 2: Assess Risk.
Step 3: Implement Control Activities.
Step 4: Communicate Information.
Step 5: Monitor.
Explanation:
The five components of the internal control framework are control environment, risk assessment, control activities, information and communication, and monitoring. Management and employees must show integrity.
Six control procedures protect assets, promote effective operations, and ensure accurate accounting and record keeping: (1) creating a document trail, (2) establishment of responsibilities, (3) segregation or separation of duties, (4) physically protecting assets, (5) establishment of policies and procedures, and (6) ...
The control objectives include authorization, completeness, accuracy, validity, physical safeguards and security, error handling and segregation of duties.
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Answer:
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