Internal controls (Learning Objective 2) 5–10 min.

Identify each of the following as an internal control objective (O), an internal control activity (A), or a limitation of internal control (L).

_____ 1. Separation of duties _____ 2. Collusion _____ 3. Proper authorization _____ 4. Report financial information properly _____ 5. Mandatory vacations _____ 6. Management override _____ 7. Complies with laws and regulations _____ 8. Adequate documents and records _____ 9. Poorly designed controls _____ 10. Operates efficiently and effectively AppendixLO1