The internal control system adopted by the bank is a sound and best possible system to restrict any fraud in the bank. It has following principles: a) Establishment of responsibility b) Segregation of duties c) Physical control – The data is fully secured as it is pass-word protected.
Work Step by Step
a) The employee to record the entry is specific; no one else is authorized to make data entry. b) There is specific duty of an individual. The supervisor is supposed to verify and approve the entry. c) The data is fully secured as it is pass-word protected.