Question

Describe at least 4 types of internal controls a business might use to protect funds?

Answer 1

1.Use a system of checks and balances to ensure no one person has control over all parts of a financial transaction.
2.Reconcile agency bank accounts every month.
3.Restrict use of agency credit cards and verify all charges made to credit cards or accounts to ensure they were business-related.4.Provide Board of Directors oversight of agency operations and management.