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Identify internal control principles.
(SO 2), C
The internal control procedures in Phillips Company make the
following provisions. Identify the principles of internal control
that are being followed in each case.
a. Employees who have physical custody of assets do not
have access to the accounting records.
b. Each month the assets on hand are compared to the
accounting records by an internal auditor.
c. A prenumbered shipping document is prepared for each
shipment of goods to customers

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