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Oh I learned that back in Accounting 101!
Could you tell me the six internal control principles?
1. Establish responsibilities- Limiting access to authorized personnel
2. Segregation of duties- Different individuals should be responsible for related activities
3. Document procedures- Pre-numbered documents should be accounted for
4. Physical controls- Safes & vaults, time clocks, sensors to deter theft, alarms, computer passwords
5. Internal independent Verification- Records are verified by an independent employee. 6. Human resource controls- Background checks, bond employees that handle cash, and cycle employees' responsibilities
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