Describe the basic internal control procedures

Reference no: EM13953486

Describe the basic internal control procedures.

Control procedures are actions that company personnel take to make sure that policies set forth by management are followed.
Important accounting controls are concerned with safeguarding assets and producing accurate and timely financial statements. They include:
Proper authorizations-only certain personnel may authorize transactions.
Segregation of duties-physical custody of assets must not be combined with the ability to account for those assets.
Independent verification-for example, an inventory count.
Safeguarding of assets and records-both must be adequately protected.
Independent review and appraisal-done primarily by internal audit.
Design and use of business documents-source document control.

Reference no: EM13953486

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