Internal Controls
- Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions.
- Ensure transactions are authorized by a person delegated approval authority
- Make sure records are routinely reviewed and reconciled, by someone other than the preparer or transactor.
- Ensure equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
- Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision.
- Document policies and procedures and making them accessible to employees.
- Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.