Internal Checks and Controls

Internal Checks and Controls

Importance of Internal Controls

1. Maintaining Continuous Growth without breaks 

2. Steady Income Growth

3. Control on errors and Risks

4. Safeguarding of Assets

5. Helping in reliable financial reporting

6. Ensuring high efficiency

Types of Internal Controls

Types of Internal Controls
Types of Internal Cpntrols

Segregation of Duties

Segregation of Duties - risks

Job Rotations

Rotation of duties / jobs - risks control

Authorisation of Transactions

Authorisation of Transactions

Maintenance of Records

Maintenance of Records

Regular Reviews

Regular Reviews

IT Controls

Reconciliations

Types of Internal Control Documentation

Having Internal controls on documents is very crucial. 

Flowcharts

Descriptive papers

Questionnaires

Frameworks