Every business has an internal control system in place to prevent fraud and errors, protect assets, and improve the efficiency of operations. Consider the internal control procedures of a job you have or had in the past 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, 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? Explain the importance of internal control procedures.