Resources | ||
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"Report to the Nation on Occupational Fraud and Abuse" - Association of Certified Fraud Examiners" |
ANSWER
Preventative Controls
- Policies and procedures
- Physical security
- Separation of duties
- Access controls (ensure access to systems and applications are appropriate based on staff member’s role)
Detective Controls
- Reconciliation
- Review of transactions
- Accountability
- Audits
Benefits of Effective Internal Controls
- Reduce intentional and unintentional errors, omissions, delays and fraud
- Assist in maximizing the probability of success
- Provide Reasonable Assurance
- Are Cost-justified
- Strive toward simplicity
- Reduce risk to a level acceptable to management
- Provide information about the entity's progress, or lack of it toward their achievement.
For further assistance with finding solutions that strengthen your internal controls and help you manage risk, consult with the Internal Audit Services unit.