Which of the following is included in the assets requiring internal controls?

Cash or cash equivalents are critical assets that require stringent internal controls due to their high liquidity and potential for misuse. Effective internal controls in this area are essential to safeguard these assets from theft, fraud, and errors. Cash transactions can happen quickly, and without strong controls, it becomes easier for discrepancies to arise, making it essential for financial integrity.

Internal controls for cash can include measures such as double-checking transactions, limiting access to cash, performing regular reconciliations with bank statements, and establishing protocols for cash handling. This comprehensive approach helps ensure accuracy in financial reporting and helps prevent losses.

While other assets like intellectual property, land, and virtual assets may also require some form of oversight and management, they typically do not necessitate the same level of immediate internal control as cash or cash equivalents, which are more susceptible to direct risk in everyday operations.