- Segregation of Duties
- Physical Controls
- Reconciliations
- Policies and Procedures
- Transaction and Activity Reviews
- Information Processing Controls
What are the 3 types of internal controls
There are two basic categories of internal controls – preventive and detective. An effective internal control system will have both types, as each serves a different purpose.
What are the 8 ways to identify market opportunities for business growth?
- Consumer segmentation
- Purchase situation analysis
- Direct competition analysis
- Indirect competition analysis
- Analysis of complementary products and services
- Analysis of other industries
- Foreign markets analysis
- Environment analysis
What are the 4 types of internal controls
There are three main categories of internal controls: preventative, detective and corrective. Internal controls are characteristically summed up as a series of policies and procedures or technical protections that are put in place to prevent problems and protect the assets of a business organization.
What three 3 major steps must you undertake to exploit one business opportunity and start a business?
- Prepare a business plan for growth
- Strategic planning for business growth
- Assess your options for business growth
Which of the following is an example of detective controls
Examples of detective controls include physical inventory checks, reviews of account reports and reconciliations, as well as assessments of current controls.
Preventive controls stand in contrast to detective controls, as they are controls enacted to prevent any errors from occurring.
What are the 9 common internal controls
Here are controls: Strong tone at the top; Leadership communicates importance of quality; Accounts reconciled monthly; Leaders review financial results; Log-in credentials; Limits on check signing; Physical access to cash, Inventory; Invoices marked paid to avoid double payment; and, Payroll reviewed by leaders.
What are the 6 internal controls
The six principles of control activities are: 1) Establishment of responsibility, 2) Segregation of duties, 3) Documentation procedures, 4) Physical controls, 5) Independent internal verification, 6) Human resource controls.
What are examples of market opportunities
For example, offering an additional service that your competitor doesn’t offer or getting your price point below that of a competitor’s may create a market opportunity for your business.
What are Prenumbered documents
The use of prenumbered documents provides assurance that all sales are recorded. If a form is not prenumbered, an order can be prepared, and the employee can then take the money without ringing the order into the cash register, leaving no record of the sale.
What are three ways to identify an opportunity?
- Observing Trends,
- Solving a Problem, and
- Finding Gaps in the Marketplace
What are the 7 important control activities
The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.
What are examples of segregation of duties
Examples of segregation of duties: The person who approves the purchase of goods or services should not be the person who reconciles the monthly financial reports.
The person who approves the purchase of goods or services should not be able to obtain custody of checks.
What are the 5 components of COSO?
- Control environment
- Risk assessment and management
- Control activities
- Information and communications
- Monitoring
Sources
https://kirkpatrickprice.com/blog/5-reasons-why-internal-audit-is-important/
https://www.complianceweek.com/where-internal-audit-and-compliance-should-report/15624.article
https://www.sitepoint.com/tools-for-conducting-a-marketing-audit/
https://www.fa.ufl.edu/directives/types-of-internal-controls/
