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SYSTEM
What is Internal Control?
Internal control is the process of monitoring the
accounting practices and operations of the organisation.
Avoid holding too much idle cash since excess cash can be
invested elsewhere to generate additional revenue
Computerized Manual
Accuracy Errors are minimized Tendency to make
errors
Subjectivity Lower level High level
Detecting mistakes Easily detected Difficult and time
consuming
Information storage Software available to Time-consuming
and retrieval hasten process
Security of information Password protected, Limited to physical
encryption code etc. security
Skill needed Computer literacy Training in the area
(basic)
Impact of technology in accounting
IMPACT OF TECHNOLOGY IN ACCOUNTING
Computerized Manual