'Internal check' refers to allocation of duties in such a manner that the work of one person is checked by another while that other is performing his own duties in a normal way. In reference to internal check, explain th

The following are the important objects of internal check system: To assign to a specific person, the responsibility of particular acts, defaults or omissions by allocation of specific duties. To obtain physical and financial confirmation of facts and entries physical and financial by creation and preservation of necessary records. To facilitate the breakdown of accounting procedures where required so as to avoid bottlenecks and establish an even flow of work and operations. To reduce the possibilities of fraud and errors. To ensure that no single individual has an exclusive control over any one transaction or group of transactions