Specific Internal Control Standards

The specific standards concern the following techniques.

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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.

Last Updated 4/2/18

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