Monday, April 14, 2008

Principles of Internal Controls

List of 7 Main Principles of Internal Controls

  1. Establish responsibilities for each employee
  2. Maintain adequate records of all transactions
  3. Insure assets and bond critical employees
  4. Separate bookkeeping from the custody of assets
  5. Divide responsibility among employees for related transactions.
  6. Apply technological controls for safety.
  7. Perform regular and independent reviews within company

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