What are the five categories of internal control? A. Authorisation, independent

Question

What are the five categories of internal control?

A. Authorisation, independent checks, segregation of duties, authentication controls, adequate documents and records.

B. Authorisation, independent checks, segregation of duties, safeguards over access and adequate documents and records.

C. Authorisation, independent checks, segregation of duties, safeguards over access and application controls.

D. independent checks, segregation of duties, safeguards over access, adequate documents and records and separation controls.

Explanation / Answer

Correct Answer:

B

Explanation:

The internal control is done by exercising different controls. It not only involves the authorization for the transactions taking place in the organization, but also it involves proper segregation of the duties as well as safeguard of the assets and access to it. Further, the internal control is strengthened by proper documentation and independent checks on a regular basis.

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