Answer: Rites of initiation is a good thing at the workplace. The answer is explained further below.
Explanation:
Initiation is the rite of passage marking the entrance or acceptance into an organization, a group or a society. The rite of initiation I experienced at a place of work was when I worked as an intern for a firm and I was told that the rite of initiation was for me to sing my favourite song. I actually sang my favorite song and it was fun and I was welcomed into the organization and introduced myself.
I believe rites of initiation are important at the workplace. It helps to increase engagement, boost employee moral, and also foster a supportive culture. It also enable the organization reach its goals as the workers are united and work as a team.
The separating of recordkeeping from the custody of assets a limitation of an internal control system because:
In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
Employee maintaining accounting records has no incentive to falsify records.
Employee controlling asset will know if another person is maintaining records or not.
The employee who controls/has access to an asset should not maintain that asset's accounting records.
<h3>What is meant by Internal Control?</h3>
Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.
