0
Segregation of duties = related tasks divided among certain number of people so one person is not responsible for all tasks (to prevent fraud).
Independent Internal Verification= due to segregation of duties, one's work can be verified by another.
i.e. surprise verification by managers of daily transactions & record keeping.
Segregation of duties involves dividing tasks and responsibilities among different individuals to prevent fraud and errors. Independent internal verification involves having a separate party verify the accuracy and completeness of financial information or activities to ensure reliability and integrity of the data. Both practices are important internal controls to mitigate risks and enhance accountability.
Add your answer:
Earn +20 pts
What is the difference between internal and external source of data?
An external source of data is a connection to an external data base and contains data that does not change much. The difference of internal source of data is data that can change because it comes from sources inside an organization including inventory transactions, purchase orders, and sales.
Explain Internal Level of a database?
The internal level of a database represents how data is physically stored and organized within the database system. It deals with details such as data structures, storage methods, indexing techniques, and algorithms used for data retrieval and manipulation. Database management systems use the internal level to efficiently manage the storage and retrieval of data at a low level.
Where would you find internal information?
Internal information can typically be found within an organization's database, intranet, company files, or through communication with colleagues, managers, or other internal stakeholders. It is information that is specific to the organization and not readily available to the public.
What are disadvantages of internal data?
Disadvantages of internal data include potential biases from limited perspectives, outdated or inaccurate information, and lack of diversity in data sources. Additionally, internal data may not provide a complete picture of the market or customer behavior.
What phylum has an internal calcareous skeleton?
The phylum Echinodermata has an internal calcareous skeleton made up of plates or ossicles. This skeleton provides support and protection for organisms in this phylum, such as sea stars and sea urchins.
The reconciliation of the cash register tape with the cash in the register is an example of?
independent internal verification
What are the Five methods of internal control of cash?
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
Independent internal verification of the physical inventory process occurs when?
Independent internal verification of the physical inventory process occurs when a separate department or individual not involved in the inventory count checks the accuracy and completeness of the inventory count results. This could involve comparing the physical count to inventory records, rechecking counts in certain areas, or performing spot checks to ensure accuracy.
What is the Difference between External Failure Costs and internal failure costs?
External failure cost is the cost incurred to fix the defects given by customer. Internal failure cost is the cost associated with internal verification activities like fixing the review comments or fixing the internal testing bugs.
What is the difference between an internal and external command?
Internal commands are commands that are already loaded in the system, It can be executed at any time and are independent. external commands are loaded when the user requests them. Internal commands don't require a separate process to execute them.
What type of replication?
internal and independent
What is an animal that has an internal skeleton called?
antsjellyfishcrabslobstershumans
What is the difference between external and internal communications?
What is the difference between external and internal communications
What is the difference between external and internal indicator?
what is the difference between the external & internal indicator
What is Difference between internal and external indicators?
what is the difference between the external & internal indicator
Which of the following is NOT an independent agency?
Internal Revenue Service
Deferentiate the internal system unit and the external system unit?
There is a wide difference between the internal system unit and the external system unit. The internal system unit is usually mounted on the motherboard inside the computer while the external system unit is independent of the computer like an external drive.
