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Types of Internal Control

Access Controls
Access Controls

3 [Internal Control System] | Five Common Features of an Internal Control System of Business 4 [Internal Control] | Examples of Internal Control Over Financial Reporting Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems.

Approval Authority
Approval Authority

3 [Internal Control System] | Five Common Features of an Internal Control System of Business 4 [Internal Control] | Examples of Internal Control Over Financial Reporting Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems.

Corrective Controls
Corrective Controls

Corrective Controls. Internal controls do not exist just to discover fraud. In an organization where internal controls are enforced and compliance is monitored, many red flag indicators will reveal simple errors and unintentional irregularities that need to be remedied.

Detective Controls
Detective Controls

Detective control is an accounting term that refers to a type of internal control intended to find problems within a company's processes. Detective control may be employed in accordance with many different goals, such as quality control, fraud prevention and legal compliance.

Establish Responsibilities
Establish Responsibilities

Internal controls include risk assessments, information and communication programs, monitoring of activities, and provisions put into place to protect assets and deter financial statement fraud. While auditors may evaluate internal control as part of an internal control audit or a financial statement audit, the company's internal control system is the responsibility of management.

Insure Assets by Bonding Key Employees
Insure Assets by Bonding Key Employees

What does it mean to Insure Assets and Bond Key Employees Good internal control from ACCT 211 211 at Liberty

Maintain Records
Maintain Records

3 [Internal Control System] | Five Common Features of an Internal Control System of Business 4 [Internal Control] | Examples of Internal Control Over Financial Reporting Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems.

Mandatory Employee Rotation
Mandatory Employee Rotation

The internal controls are put in place to make sure accounting errors are reduced, company assets are protected, and employees aren’t able to commit fraud. Example. There are several different types of internal controls including segregating duties, mandatory employee rotation, and automated controls.

Perform Regular Independent Reviews
Perform Regular Independent Reviews

perform regular and independent reviews changes in personnel, stress of time pressures, and technological advances present opportunities for shortcuts and lapses. to counter such factors, regular reviews of internal control must be used to promote adherence. preferably done by internal auditors.

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Periodic Reconciliations
Periodic Reconciliations

Accountants perform account reconciliation with the following steps: Compare account balances between various independent systems; Verify statements and reports for accuracy and investigate discrepancies when identified; Take action to correct these identified discrepancies; This process is an important internal control in the financial reporting process.

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Physical Audits
Physical Audits

Internal control procedures in accounting can be broken into seven categories, each designed to prevent fraud and identify errors before they become problems. Separation of Duties Separation of duties involves splitting responsibility for bookkeeping, deposits, reporting and auditing.

Preventive Controls
Preventive Controls

Both types of controls are essential to an effective internal control system. From a quality standpoint, preventive controls are essential because they are proactive and emphasize quality. However, detective controls play a critical role by providing evidence that the preventive controls are functioning as intended.

Segregate of Duties
Segregate of Duties

Having internal controls in accounting & establishing segregation of duties will safeguard company assets. Startups need to implement internal controls in their business early on. Having internal controls in accounting & establishing segregation of duties will safeguard company assets.

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Separation of Duties
Separation of Duties

The separation of duties is one of several steps to improve the internal control of an organization's assets. For example, the internal control of cash is improved if the money handling duties are separated from the record keeping duties. By separating these duties the likelihood of theft is reduced ...

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Split Related Party Responsibility
Split Related Party Responsibility

Read moreWhat are Principles of Internal Control ... Home » Accounting Dictionary » What are Principles of Internal Control? ... Split Related Party Responsibility;

Standardized Documentation
Standardized Documentation

This presentation serves as a guide to achieving standardization for internal control documentation.

the Control Activities; and
the Control Activities; and

Control activities can be preventive or detective: Preventive activities are designed to deter the occurrence of an undesirable event. The development of these controls involves predicting potential problems before they occur and implementing procedures to avoid them.

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the Control Environment;
the Control Environment;

A control environment, also called "Internal control environment", is a term of financial audit, internal audit and Enterprise Risk Management. It means the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity.

the Entity's Risk Assessment Process;
the Entity's Risk Assessment Process;

ENTITY'S RISK ASSESSMENT PROCESS Auditing Homework Help, Online Auditing Assignment & Project Help The study of entity's risk assessment process comprises the risk assessment relating to reliability of financial statements.

the Information System;
the Information System;

Information system: Information system, an integrated set of components for collecting, storing, and processing data and for providing information and digital products.

the Monitoring of Controls
the Monitoring of Controls

The internal control system needs to be capable of determining that the controls in place are relevant and effective in addressing new risks. A monitoring process must be capable of addressing the need for revisions in the design of controls based on changing risk.

Trial Balances
Trial Balances

The trial balance is an internal control that accountants produce to check the arithmetical accuracy of the general ledger. Under the double-entry accounting system, every transaction involves at least one debit and one credit entry of equal value. From this it follows that the sum of all the debit ...