All businesses have an internal control system to prevent fraud and errors, to protect assets, and to improve the efficiency of operations. Think of internal control procedures of a job you have or had in the past (or interview someone if you had not held a job) and answer the following questions:

• What types of physical controls are in place to protect company assets (assets include inventory, cash, equipment, etc.)?
• What types of controls are in place to protect data (such as company information or customer personal information)?
• Choose one more internal control principle from this module, and explain how the company implements that principle and the purpose?
• Explain one gap the company has in internal control procedures in which fraud or errors could occur? What can the company do to prevent or detect this fraud or error?
• In your own words, explain the importance of internal control procedures.