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Internal controls are policies and procedures companies put in place to help safeguard their assets and prevent misstatements in their financial reports. Some examples of
Internal controls are policies and procedures companies put in place to help safeguard their assets and prevent misstatements in their financial reports. Some examples of internal controls are: Separation (or segregation) of duties Establishment of responsibility Access controls Documentation Trail balance Reconciling Conduct independent reviews on a regular basis Approval authority. Discussion Choose at least 2 of these controls and give a specific example of how you've seen it at work at a place of business or how it could work in theory Provide an example of what could go wrong if these controls were not in place. Share a way in which QuickBooks Online can help you implement the chosen controls in a company
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