Internal Controls

Internal control pages explain how organizations reduce the risk of error, fraud, omission, and weak reporting discipline. This section covers control activities, segregation of duties, approvals, reconciliations, and the language used in control review work.

Use this section when you need to understand how accounting processes are protected, reviewed, and corrected before weak records become weak reporting.

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• Internal Control
• Segregation of Duties
• Audit Trail
• Materiality
• Accounts Payable
• Reconciliation
• Inventory

In this section

• Internal Control
  Policies, procedures, and control activities designed to reduce reporting errors, misuse of assets, and control failures.
• Segregation of Duties
  Internal control principle that divides authorization, recordkeeping, custody, and review duties so one person cannot control an entire risky transaction flow.