Internal control has its own terminology. Some key terms are as follows: (Click the icon to view the key terms.) Match each internal control concept below with its term by selecting the appropriate letter in the space provided. Not all letters are used. Internal control cannot always safeguard against this problem. iKey Terms This is often mentioned as the cornerstone of a good system of internal control. Pay employees enough to require them to do a good job. Fidelity bond This procedure limits access to sensitive data. a Supervision This type of insurance policy covers losses due to employee theft. Separation of duties Trusting your employees can lead you to overlook this procedure. C. d. Encryption This is the most basic purpose of internal control. Competent person nel Articles of incorporation f Collusion h. Safeguarding assets External audits i. Print Done