Principles of Financial Accounting essay (550 words) Case Study: Internal contro

Principles of Financial Accounting essay (550 words)
Case Study:
Internal control is related to methods and measure to safeguard assets, increase efficiency in operations, and ensure compliance among others. There are 5 main components of internal control and 5 principles of internal control
Required:
a)    Explain briefly with an example each of the internal control 5 components
*The explanation for each, refer to the e-book attached.
*The example for each can be from online source and prefer information based in United Arab Emirates.
•    The internal control:
1.    Control environment
2.    Risk assessment
3.    Control activities
4.    Information & communication
5.    Monitoring
b)    Explain with example the 5 main principles of internal control
*The explanation for each, refer to the e-book attached.
*The example for each can be from online source and prefer information based in United Arab Emirates.
•    The principles of internal control: (chose any five only)
1.    Establish responsibilities.
2.    Maintain adequate records.
3.    Insure assets and bond key employees.
4.    Separate recordkeeping from custody of assets.
5.    Divide responsibility for related transactions.
6.    Apply technological controls.
7.    Perform regular and independent reviews.
Reference should be “Footnote” style & APA