Manan Batra asked 4 weeks ago
1 Answers
RaviRavi Staff answered 3 weeks ago

Question is on Assumptions of Good Internal Control System
Ultimately they explain requirements of good internal controls system
They explain good internal control system, need  following assumptions / requirements (i know question is not properly drafted there is ambiguity), so assumptions here means basic requirements of good internal control system
(While deciding work allocation)

  1. Division of duties & responsibilities (segregation of duties)
  2. No accounting & custody of assets to same person at the same time

(While performing work / transactions)

  1. Evidence for work done like authorisation, implementation of policy or checking
  2. Review of work done by another person

(After performing work / transactions)

  1. documentation & recording of transactions 
  2. Depositing daily cash collection into bank

Call Back Request