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Internal Control - Investment
Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those investments.
Along with a larger investment portfolio, there should be a system of internal control that will involve:
(i) Verification actions for sales and purchases
(ii) Register reconciled along with control accounts
(iii) Control over dividend or else interest receipts
(iv) Proper separation of responsibility and supervision.
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
What are the strength of Stock transfer note
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