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

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15-03-2022
Business

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

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azikennamdi azikennamdi · Answer 1 · 2022-03-21T10:56:33+01:00

From the information provided, all the options (such as Insurance of assets, regular reviews, technological controls etc) are all Principles of Internal Controls.

What are Principles of Internal Control?

The principles of internal control are the various actions that must be carried out by those responsible for corporate governance such as the Internal Auditor, to ensure that reasonable assurance is provided to the company.

Hence the various principles of internal control are:

Separate recordkeeping from the custody of assets
Record assets at cost
Maintain adequate records
Establish responsibilities
Insure assets
Apply technological controls
Match revenues with expenses in the same accounting period.
Perform regular and independent reviews.

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