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Specific Internal Control Standards

The specific standards concern the following techniques:


Documentation:

Adequate records of all internal control systems and all transactions 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.


Page last updated May 12, 2009.

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