The specific standards concern the following techniques.
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Documentation
- Adequate records of all internal control systems and all transactions and events should be maintained.
Records
- All transactions and events should be recorded promptly and accurately.
Authorization
- All transactions and events should be authorized and executed by persons within the scope of their authority.
Structure
- Key duties and responsibilities in authorizing, processing, recording, and reviewing transactions should be separated.
Supervision
- Adequate supervision is to be provided to ensure that internal control objectives are achieved.
Security
- Access and accountability to assets and records should be limited to authorized individuals.