You are an internal auditor working for Eketel plc., a UK-based retail company. The company has an in-house training policy that requires all graduate entrants to the company’s finance department to work within the internal audit department for the first six months of their training contract. The chief internal auditor of Eketel plc has asked you to write an induction pack for the graduate entrants, explaining the importance and relevance of internal controls in the management of current assets.

Required Prepare a report for the chief internal auditor, explaining the importance and relevance of internal controls in the management of current assets, and evaluate the types of internal controls you would expect to find in the management of stock and of debtors.