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Question

Internal control includes ___________.

A
Cost Audit
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B
Internal checks
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C
Internal audit
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D
Both (B) and (C)
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Solution

The correct option is C Both (B) and (C)
Internal controls is a process of achieving the organization objective by ensuring operational efficiencies and financial discipline along with compliance.
Internal check is a method of ensuring a system of check and balances where the work of one employee is automatically checked by another person.
Internal audit is an examination, analysis and monitoring of business operations to make a comprehensive review of overall business.
Internal checks and Internal audit are part of internal control.

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