1. Judgment: The effectiveness of controls will be limited by decisions made with human judgment under pressures to conduct business based on the information at hand. 2. Breakdowns: Even well designed internal controls can break down. Employees sometimes misunderstand instructions or simply make mistakes. Errors may also result from new technology and the complexity of computerized information systems. 3. Management … Read more
There are 7 types of internal control:- 1. Validity 2. Authorization 3. Completeness 4. Accuracy 5. Segregation of duties 6. Timeliness 7. Safeguarding Go to this website www2.mercer.edu for further explanation. If you need to know more, probably you can consider taking Certificate of Internal Auditor.