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UNIT 1 SUMMARY - Coggle Diagram
UNIT 1 SUMMARY
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Controls
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Internal Controls
Refer to the control activities that the organisation should implement to ensure they achieve the desired objectives
E.g. the organisation will implement internal controls that should be adhered to with regards to the authorisation of a bond/funding
Weaknesses and Risks
An organisation will be faced with risks when the organisation has a weak internal control environment (weaknesses)
Example
An organisation decides to purchase a new asset, but they do not have a proper authorisation process
Weakness: There is no authorisation process to authorise the purchase of a new asset
Risk: The organisation will be purchasing assets that they do not need
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