Specific Internal Control Standards

  The specific standards concern the following techniques:

Documentation

Adequate records of all internal control systems and all transaction and events should be maintained.

Records

All transactions and events should be recorded promptly and accurately.

Authorization

All transactions and events should be authorized and executed by persons within the scope of their authority.

Structure

Key duties and responsibilities in authorizing, processing, recording, and reviewing transactions should be separated.

Supervision

Adequate supervision is to be provided to ensure that internal control objectives are achieved.

Security

Access and accountability to assets and records should be limited to authorized individuals.