The text describes six internal control activities. List four of them and provide a specific example of each one.
What will be an ideal response?
| Control Activity | Example |
| Authorization | general (purchase of inventory when level drops) or specific (credit approval beyond normal limit) |
| Segregation of functions | separate authorization from processing separate custody of assets from record keeping |
| Supervision | required when separation of duties is not possible, such as opening the mail (cash receipts) |
| Accounting records | maintain an adequate audit trail |
| Access controls | maintain physical security |
| Independent verification | bank reconciliation, physical inventory count |
PTS: 1
Computer Science & Information Technology
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