Questions

The principles of internal control are the concepts management uses to establish the ways to protect company assets.

The main internal control principles include:

• Establish Responsibilities
• Maintain Records
• Insure Assets by Bonding Key Employees
• Segregate of Duties
• Mandatory Employee Rotation
• Split Related Party Responsibility
• Use Technological Controls
• Perform Regular Independent Reviews

Some of the risks faced by entrepreneur of small business are:-

1. Funding of capital.
2. Adequate cashflows.
3. Social and family pressures.
4. Interference with personal lives.
5. psychological pressure.
6.Lack of motivation