Internal ControlsInternal control is all of the policies and procedures management uses to achieve the following goals. Show
ResponsibilityManagement Responsibility: Administrative management is responsible for maintaining an adequate system of internal control. Management is responsible for communicating the expectations and duties of staff as part of a control environment. They are also responsible for assuring that the other major areas of an internal control framework are addressed. Staff Responsibility: Staff and operating personnel are responsible for carrying out the internal control activities set forth by management. Framework for Internal ControlThe framework of a good internal control system includes:
Internal Control Activities and Best PracticesInternal control activities are the policies and procedures as well as the daily activities that occur within an internal control system. A good internal control system should include the control activities listed below. These activities generally fit into two types of activities.
Click on the links below for information regarding these activities including best practices.
Other Internal Control Best PracticesWith a good internal control system in place, other considerations to keep in mind include:
Additional InformationWashington State Office of Financial Management's guide to internal control and auditing What are the 4 types of internal controls?Preventive Controls
Separation of duties. Pre-approval of actions and transactions (such as a Travel Authorization) Access controls (such as passwords and Gatorlink authentication) Physical control over assets (i.e. locks on doors or a safe for cash/checks)
What are the 3 internal controls?Internal controls are policies, procedures, and technical safeguards that protect an organization's assets by preventing errors and inappropriate actions. Internal controls fall into three broad categories: detective, preventative, and corrective.
What are internal control measures?Internal controls consists of all the measures taken by the organization for the purpose of; (1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the ...
What is internal control process?Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.
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