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Internal Controls - Coggle Diagram
Internal Controls
Define
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charged with governance, management and other personnel to provide reasonable
may be defined as “the process designed, implemented and maintained by those
Limitations
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Collusion among People
controls can be circumvented by the collusion of two or more
people or inappropriate management override of internal control
Judgements by Management
in designing and implementing controls, management may make
judgments on the nature and extent of the controls it chooses to implement,
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