Illustrate your understanding of internal controls by providing an example of a control you have personally witnessed (at the gym, supermarket, a restaurant etc.) In your example make sure you cover the following: a. Describe the control in detail (including the setting). b. What was the control trying to achieve (ie. prevent/safeguard)? c. What specific general ledger account could the control be linked to? d. What assertion could the control have been addressing (ie. safeguarding)? e. How could an auditor test the control?

QUESTION RELATED TO AUDITING