A company has identified the following risks and controls:RiskControlInventory theftPhysical inventory countsCash embezzlementSegregation of dutiesData...
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Accounting
A company has identified the following risks and controls:
Risk | Control |
Inventory theft | Physical inventory counts |
Cash embezzlement | Segregation of duties |
Data breaches | IT security measures |
(a) Describe the purpose of internal controls. (b) Evaluate the effectiveness of the identified controls. (c) Recommend additional controls for each risk. (d) Discuss the role of internal controls in financial reporting.
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