Principals for Internal Controls - Financial Accounting

The video tutorial explains the principles of internal controls, which are essential for businesses to safeguard their assets and ensure operational efficiency. It covers seven key principles: establishing responsibility, maintaining adequate records, insuring assets and bonding employees, separating record-keeping from asset custody, dividing responsibilities, applying technology controls, and performing regular reviews. Each principle is discussed with examples to illustrate its importance in preventing fraud and ensuring accountability.

What does separating record keeping from the custody of assets help prevent?

How can technology controls enhance internal controls in a business?