Importance of internal controls in general

Reference no: EM13751233

As the new accounting manager for a water district, you have been asked to evaluate the internal controls utilized by your new employer. You find that the following controls are in place. Please define and explain the importance of internal controls in general and of each listed internal control.

1. Separation of duties

2. Rotation of duties

3. Multiple levels of signature authority

Reference no: EM13751233

Questions Cloud

While in prison hitler wrote the first volume of mein kampf : While in prison, Hitler wrote the first volume of Mein Kampf. Hitler's goal was to create a vast empire, based on racial nationalism, ruled by a master race.

Primary types of retirement plans : The two primary types of retirement plans employed are defined benefit plans and defined contribution plans. Please explain the structure of each, how they are funded, and how they pay benefits to retirees.

Economic profit level to continue in subsequent years : What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate the ..

Write a java class that reads through a text file : You will write a Java class that reads through a text file of drawing commands and draws the appropriate shapes onto JFrames

Importance of internal controls in general : As the new accounting manager for a water district, you have been asked to evaluate the internal controls utilized by your new employer. You find that the following controls are in place. Please define and explain the importance of internal cont..

True about a partnership : 1. The ability of one partner to enter into a contract binding all other partners is termed:

Discusses the role of the leaders in this case study : Case Study: A System Approach, Review the case study in the article, Texas Health Harris Methodist-Cleburne: A System Approach to Surgical Improvement. Discusses the role of the leaders in this case study

Cost of capital for analyzing capital expenditures : Would you recommend that ExxonMobil use a single company- wide cost of capital for analyzing capital expenditures in all its business units? Why or why not?

Identify and prioritize it security controls : Using the case study and NIST SP 800-53, Identify and prioritize IT Security controls that should be implemented. Discuss any applicable US Government regulations/standards that apply to this organization

User Account

All Pages