INTERNAL
CONTROLS (IC) QUICK REFERENCE
ICs are a
risk prevention and a risk mitigation system; an accounting process and an
element of organization’s culture
Segregation
of duties IS THE MOST IMPORTANT control
The
objective is reasonable assurance NOT perfection
Basic
techniques are well known and must be implemented
Policies and procedures custom
designed for organization
Employee screening, training,
retraining and supervision
Relentless (not nasty) supervision and
support
Accounting system elements design
fitted to the company
Approval and authorization
Document movement and
retention paths
Physical control of assets
Verification processes
Reconciliations of transactions/documentation/
cash
Information
system controls designed for the organization
External
review and audit used as required
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