Question

Select all that apply Identify the principles of internal control by selecting the correct answers below. (Check all that apply.)
A. Perform regular and independent reviews.
B. Apply technological controls. Insure assets.
C. Separate recordkeeping from custody of assets.
D. Record assets at cost. Maintain adequate records.
E. Match revenues with expenses in the same accounting period.
F. Establish responsibilities.

Answer 1

The principles of internal control include the following:

A. Perform regular and independent reviews.

B. Apply technological controls. Ensure assets.

C. Separate recordkeeping from the custody of assets.

D. Record assets at cost. Maintain adequate records.

E. Match revenues with expenses in the same accounting period.

F. Establish responsibilities.

What is internal control?

Internal control is the system of controls instituted by management to:

• Provide reasonable assurance of the financial and accounting information
• Safeguard the assets of the company
• Ensure the integrity of its operations.

The five components of an internal control framework include:

• Control environment
• Risk assessment
• Control activities
• Information and communication
• Monitoring.

Thus, the principles of internal control include all the options.

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