Two people are assigned the task of, and are present for, opening the mail. The recordkeeper and the person who reconciles the bank balance do not have access to cash.
An organization may define internal controls as a set of policies and practices to safeguard its resources, increase productivity, improve financial accountability, ensure corporate guidelines, and stop employee fraud. Since there is a precise and trustworthy accounting system, internal controls are meant to ensure that loss is eliminated. Internal control involves the timely use of both internal and external auditing or financial reporting resources. As a result, it helps maintain correct and proper financial records, which also helps increase operational effectiveness. Internal controls that are implemented correctly aid in improving operational effectiveness, safeguarding assets, providing accurate financial information, preventing fraudulent or illegal behavior, and timely filing of financial reports.
Learn more about Internal control here:
brainly.com/question/18649500
#SPJ4
