Internal controls corporate governance 2nd edition
Check Out. Browse by Subject. TAFE Accounting. TAFE I. TAFE - Other. Windows 8. Adobe CS6. CCNA CCNP Web Design. Project Management. Internal control activities that are common include:. The process of ensuring that transactions are approved by the appropriate parties is referred to as "authorization. Keeping a record of a transaction is referred to as documentation.
For example, A purchase order will normally include information on the things being ordered, such as the date, quantity, and agreed-upon price. When an invoice is paid, for example, you would preserve proof of payment in the form of a receipt or a bank statement. The process of reconciling transactions and activity with supporting paperwork is known as reconciliation.
Reconciliation also entails comparing transactions to records and resolving any discrepancies. Physical security, cybersecurity, and procedural security measures, such as requiring several parties to sign off on major transactions, are all examples of security.
Transactions are made up of multiple steps. The term "separation of duties" refers to the practice of not enabling a single person to complete all of the steps in a transaction. For example, one person may record a transaction, while another authorizes it, and yet another reconciles it.
Even the most effective internal control efforts will not be able to prevent every error. However, a good internal control structure will help to reduce errors.
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