Question

identify the other control procedures usually found in a companys system of internal control besides separation of duties, and tell why each is important. control procedure why is it important? adequate records comparison + compliance monitoring control environment employee education information system limited access monitoring of controls proper approvals risk assessment smart hiring practices

Explanation:

• Adequate records: Accurate records ensure transparency, aid in decision - making, and provide evidence for audits.
• Comparison + compliance monitoring: Helps in detecting deviations from standards (both internal and external like laws), ensuring quality and legality.
• Control environment: Sets the tone for the organization, influencing employees' ethical behavior and attitude towards controls.
• Employee education: Informed employees are better at following procedures, reducing errors and fraud risks.
• Information system: Facilitates timely and accurate data flow for effective control and decision - making.
• Limited access: Protects assets (physical and digital) from unauthorized use or theft.
• Monitoring of controls: Ensures that existing controls are working effectively and can be adjusted as needed.
• Proper approvals: Prevents unauthorized transactions, ensuring accountability and control over resources.
• Risk assessment: Identifies potential threats, allowing for proactive control measures to mitigate risks.
• Smart hiring practices: Brings in competent and trustworthy employees, reducing risks from the workforce.

Answer:

• Adequate records: Ensures transparency, decision - making, and audit evidence.
• Comparison + compliance monitoring: Detects deviations, ensures quality and legality.
• Control environment: Sets ethical tone and attitude towards controls.
• Employee education: Reduces errors and fraud risks.
• Information system: Facilitates data flow for control and decision - making.
• Limited access: Protects assets.
• Monitoring of controls: Ensures control effectiveness.
• Proper approvals: Prevents unauthorized transactions.
• Risk assessment: Identifies threats for proactive measures.
• Smart hiring practices: Reduces workforce - related risks.