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Internal Controls
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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Internal Controls Team B University of Phoenix Accounting for Managerial Decision Making ACC 539 George Peterson December 18, 2004 Internal Controls Internal control is broadly defined as a process, affected by an entity's board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in 1) effectiveness and efficiency of operations, 2) reliability of financial reporting, and 3) compliance with applicable laws and regulations. Controls can be preventive or detective. An internal control can be thought of as something that prevents or detects errors or omissions. Preventive controls attempt to prevent or deter undesirable acts from occurring. They are proactive controls, designed to prevent a loss, error, or omission. Examples of preventive controls are separation of duties, proper authorizations, adequate documentation, and physical security over cash and other assets. Detective controls attempt to detect undesirable acts that have occurred. They provide evidence after-the-fact that a loss or error...
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