Question 02 Define internal control. What are the main objectives of an internal control system? What are the key components of internal control?

Question 02 Define internal control. What are the main objectives of an internal control system? What are the key components of internal control?

Question 03 What is meant by Segregation of Duties? How can segregation of duties reduce the risk of undetected errors and irregularities regarding a company's asset resources?

Question 04 Anthony is a sales clerk at a large departmental store in Sydney. Over the past few months, Anthony has been involved in a scheme in which he prepares sales return forms and takes money from the cash register in the amount of the fictitious sales return.

Required: What internal control weaknesses exist with respect to sales returns? What are some control procedures that would be effective in detecting this sort of scheme?

Question 05 Briefly explain the types of segregation of duties policies should be adopted within the Accounting Information Systems (AIS).