course hero based on what you see in the video, the control system at barcelona is

What is internal control?

An internal control is a process or procedure put in place to protect assets, promote effective operations, and ensure accurate accounting and record keeping. An effective system may prevent and detect errors and irregularities. Though the gold standard for risk management and internal control systems design is represented by ...

What is internal control procedure?

An internal control procedure could be as simple as having a procedures manual for training purposes (e.g., for submitting expense reports), requiring a username and password to sign into the system, or performing monthly bank reconciliations .

What is internal control system weakness?

An internal control system weakness exists if a company's policies and procedures do not protect assets, ensure reliable accounting, promote efficient operations, and encourage adherence to policies and procedures or prevent fraud. Different internal control weaknesses have specific impacts on an organization.

What are control activities?

Control activities or control procedures are based on the internal control principles. Six control procedures protect assets, promote effective operations, and ensure accurate accounting and record keeping: (1) creating a document trail, (2) establishment of responsibilities, (3) segregation or separation of duties, ...

What is the purpose of a new employee orientation program?

New employee orientation programs could also include the communication of sound ethical practice and an overview of the company's policies and procedures. Most companies encourage workers to communicate any weaknesses in internal controls or lack of controls to management in a timely manner.

What is the purpose of an audit committee?

The audit committee is a subcommittee of the board of directors that is in charge of overseeing financial reporting and disclosure.

What are the limitations of internal control?

Limitations of Internal Control. Well-designed internal control systems may have limitations because of unintentional and/or intentional actions. In addition, not every control activity is justified or feasible from a cost-benefit perspective.

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