Responsibilities
Clear roles and appropriate separation of duties.
Internal-control assessment considers the policies, procedures and practices designed to safeguard assets, authorise transactions, maintain reliable records and reduce exposure to fraud, error or misuse.
Reviews may consider segregation of duties, approvals, reconciliations, revenue, expenditure, payroll, procurement, asset management and information-system controls. The assessment focuses on both the design of a control and evidence that it operates as intended.
Identified weaknesses are evaluated according to their significance and communicated with recommendations for proportionate corrective action and management follow-up.
Control Environment
Reliable administration depends on several connected controls.
Approvals
Authorised decisions and properly supported transactions.
Reconciliations
Regular comparison and resolution of differences.
Safeguarding
Protection of physical, financial and information assets.