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Unformatted text preview: ii. Discrepancies reported to management c. Other Controls i. Bond Employees ii. Rotate employees duties and require vacations (opportunity to check and see if being dishonest) iii. Conduct background checks d. Limitations of Internal Control i. Cost should not exceed benefit (small company doesnt need what big company does) ii. Human element (Even though segregation of duties helps, people can come together to make theft work, example: mad money) iii. Size of business...
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This note was uploaded on 01/16/2012 for the course ACCT 2001 taught by Professor Lowe during the Fall '08 term at LSU.
- Fall '08