Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Internal controls are an important

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.

Internal controls are an important part of business operations. Internal controls are used to protect assets. Both companies and individuals use internal controls. Companies are responsible for assessing the need for internal controls and then implementing appropriate controls. After implementation, managers are responsible for re-assessing the effectiveness of the controls. Review Intellipath Unit 1, Current Assets and Short-Term Investments, your readings from Unit 1, and this short video. Also, think about measures you take to protect your personal assets, then answer the following questions.

Principles of Internal Controls

• Describe a control that would be used to protect a company or a personal asset.
• Identify ethical issues that could arise if the internal control is not applied.