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UNIT 5: PAYROLL CYCLE - Coggle Diagram
UNIT 5: PAYROLL CYCLE
Lesson 4: Internal Controls, control objectives and test of controls
Control objectives refer to certain objectives that the organisation wants to achieve with regards to every transaction
Internal controls refer to the control activities that the organisation should implement to ensure they achieve the desired objectives
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General controls:
- Supervision and review by management
- Segregation and rotation of duties
- Personnel taking leave regularly
- Internal audit function
- Sufficient stationery control
- Scrutinise all records and documents for extraordinary/unusual items
- Test castings and calculations on all selected items, documents and ledger accounts.
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