The person who keeps the records of an asset should not be the person held responsible for its custody because it will be impossible for the person who keeps the records of the assets to be responsible for keeping the asset safe.
Limitations of internal control are: Collusion among the employees, Human error can also happen and management is over riden.
Collusion: Two or more than two people who are intended by internal control system to keep an eye over each other's work could instead collude with each other to circumvent the system
Human Error can also happen: A person who is involved in a control system can simply make a mistake by just forgetting to use a control step
Management is overriden:
Someone of the management team who has the authority to do so can override any aspect of a control system for his personal advantage.
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