Which one of the following techniques can be used to check whether the existing internal controls of a company are operating effectively?

Four techniques of internal control1. Basic controlWhere simple steps are taken to protect assets, insure valuables and items against theft, for example maintaining records of sales and express, whether or not one item is known to another. not only protect from inside but also from outside2. Supervisory controlMake sure the employee is doing the job right, give them regular performance reviews, train them and supervise them.3. Internal CheckIt is the regular checking that is known during the work to catch fraud e.g sale record and cash register are compared. And then cross-checking will find out whether it is a fraud or an error. It is for some department it is towards different activity to check error internal control is a broad term4.Internal audit

Describe FIVE techniques that could be used by management to override internal controls.

Which of the following indicates a strong internal control environment?Select one:a.adverse business conditions exist in the industryb.the internal audit group reports to the audit committee of the board of directorsc.there is no segregation of duties between organization functionsd.there are questions about the integrity of management

Internal controls have certain limitations. Identify the alternative that is not one of those limitations.a.Controls are directed at routine and non-routine transactions.b.Management can abuse their responsibility.c.The potential of human error exists.d.The cost of implementing a control could exceed it benefits

Which of the following best describes MONITORING in a system of internal control?Group of answer choicesEach day, the IT department reviews all logins that have failed with the wrong password more than 3 timesThe business requires all staff to log on using 2 factor authenticationThe business has purchased software applications that are interconnected and produce reports combining multiple source of informationThe business has systems that identify changes in prices of inventory and when it fluctuates wildly, they get a notificationManagement work in key front line roles once every 6 months to better understand their employees and customers