Discussion:

Internal Control$-$integrated Framework is the standard by which companies design, analyze, and evaluate Internal control. The objectives of internal control are covered in the chapter and a discussion of how these objectives are achieved through the Integrated Framework's five elements of internal control.

A major reason that companies use bank accounts is for internal control. Some of the control advantages of using bank accounts are as folkwas:

Bank accounts reduce the amount of cash on hand.

Qank accounts provide an independent recording of cash transactions. Reconciling the balance of the cash account in the company's records with the cash balance according to the bank is an important cantrol.

Use of bank accounts facilitates the transfer of funds using EFT systems.

Original Post:

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Answer the following questions and support your responses with detail.

Name and describe the fiwe elomonts of internal control. Is any one element of internal contrel mere important than another?

Why should the responsibility for maintaining the accountine records be segarated from the respensibility for operations? Explain.

a The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be respansible for the difference?