What are the specefic control procedures of benchmarking, Financial Management

What are the specefic control procedures of benchmarking

Specific control procedures must be in place which include:

O Organisational structure (clear lines of responsibility and authority)

A Authorisation (approval of transactions or limits)

P Personnel (recruitment of trustworthy individuals and the right training)

S Supervision (discourages fraud and improves quality data entry when the work is complex)

P Physical (physical barriers to prevent theft)

A Accounting (reconciliation's, trial balances and input controls)

S Segregation of duties (separate responsibilities between those that record, process and initiate, such as the receipt, recording and banking of cash)

M Management (internal audit, regular review of management accounts and exception reporting)

 

Posted Date: 9/3/2013 2:38:37 AM | Location : United States







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